Vogan v. Caminetti

California Supreme Court
Vogan v. Caminetti, 65 Cal. 438 (Cal. 1884)
4 P. 435; 1884 Cal. LEXIS 589

Vogan v. Caminetti

Opinion of the Court

The Court.

The object of the transaction between the deceased Vogan and the deceased Shipman being to indemnify Vogan for the liabilities he had incurred and might incur on Shipman’s account, the amount of the mortgage and note served only to limit the extent of the security. Upon the foreclosure of that mortgage, the amount for which judgment was rendered was, properly, the amount the mortgagee had paid under the liability for which he was secured, with interest from the day of payment. (Jones on Mort. vol. 1, § 384.)

Judgment and order affirmed.

Reference

Full Case Name
LUCY VOGAN, Administratrix of the Estate of John Vogan v. A. CAMINETTI, Administrator of the Estate of J. C. Shipman
Cited By
4 cases
Status
Published
Syllabus
Pbomissoby Note—Mobtgage—Ihdehnity.—A note and mortgage for a definite sum of money, but intended as security to the mortgagee for advances on account of the mortgagor, can only be enforced to the extent of such advances.