Hodgdon v. Naglee
Hodgdon v. Naglee
Opinion of the Court
The opinion of the Court was delivered by
Hodgdon, the plaintiff in error, executed several bonds, assignable in their terms, to John Tustin, the assignor of the defendant in error, to secure the payment of several sums of money, with a warrant of attorney annexed to each, authorizing the entry of a judgment thereon for the amount thereof; and at the same time executed a mortgage on certain real estate belonging to him, to Tustin, as a collateral security for the payment of the moneys mentioned in .the bonds, which were all recited in the mortgage. Tustin assigned one of the bonds to Naglee, the defendant in error, who, as assignee thereof, had a judgment entered thereon in the court below, in his favour, for the amount thereof. The judgment thus entered, was suffered to remain upwards of a year and a day without any judicial process being sued out on it,
This being the state of the case, the only question presented by it is: was the defence set forth in the affidavit sufficient to bar, or even to delay or stay the plaintiff in his obtaining, or recovering by execution, the amount of the debt and interest due upon the judgment? We are clearly of opinion that it was not; and that the court acted correctly in rendering judgment for the plaintiff as they did. I can see no principle whatever upon which the plaintiff below ought to be required to give the defendant an indemnity before the latter shall be required and compelled to pay the money. The plaintiff holds and is in possession of the bond, which was the original and principal security given to secure the payment of the money. That the plaintiff came honestly by the bond, and is a bona fide holder of it, is not denied. This being the case, it is the duty of the defendant below to pay him the amount of it. Then why demand an indemnity for doing that which it is his duty to do ? It being his duty to pay the amount of the judgment to the plaintiff, it follows of course that he cannot be prejudiced thereafter for having done so; and therefore can have no good reason for demanding an indemnity. The only pretence for demanding an indemnity, is the allegation, that the mortgage may have been assigned by the mortgagee or the plaintiff, if he had it, to a bond fide assignee for a valuable consideration, including the debt in question. But admitting this to be so, as long as such assignee has given no notice of his claim under the mortgage to the money claimed in this case, the defendant will be justified in paying it to the plaintiff. In Bury v. Hartman, (4 Serg. & Rawle 175), and Brindle v. M’Ilvaine, (9 Serg. & Rawle 74), it was ruled that payment of a bond by the obligor to the obligee, after the latter had parted with it by assignment to a third person, but before notice given thereof to the obligor, was good, and discharged
Judgment affirmed.
Reference
- Full Case Name
- Hodgdon against Naglee
- Cited By
- 4 cases
- Status
- Published