Advance Thresher Co. v. Rockafellow
Advance Thresher Co. v. Rockafellow
Opinion of the Court
At the trial of this action on three promissory notes the court directed a verdict in favor of plaintiff for $1,-104.50 and the surviving defendants, John H. Rockafellow, Theodore Rockafellow, Sr., and Theodore Rockafellow, Jr., appeal from a judgment accordingly entered.
The facts essential to the questions of law to be determined may be stated thus: On the 20th day of August, 1895, Amos Rockafellow, as principal, and appellants, as sureties, executed the promissory notes to plaintiff, and on the 29th day of September, 1896, to further secure such indebtedness, the surety John H. Rockafellow gave plaintiff a mortgage on a quarter section of land which was subject to a prior mortgage
The judgment appealed from is reversed, and a new trial granted.
Reference
- Cited By
- 2 cases
- Status
- Published
- Syllabus
- 1. When a corporation holding- a junior morbg-ag-e takes an assignment of a certificate of sale under the first mortgage, and at the expiration of the period of redemption surrenders the certificate for a sheriff’s deed, meanwhile informing the mortgagor, and his co-sureties that a notice of redemption has been filed, and that the whole debt can be collected by enforcing the lien under its mortgage, the mortgagor and his co-sureties are entitled to have credited on their indebtedness the money realized from a subsequent sale of the land in excess of the amount paid for the certificate. ' 2. The rights of a corporation to acquire real estate cannot be attacked in a collateral proceeding brought by it to enforce the payment of an indebtedness. i