This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1847 Excerpt: ...But there is no rule in equity, by which a creditor can be compelled to accept a security for hia debt, or by which another creditor can resort to it in his ptace, after he has rejected it. ERROR to the Wayne Circuit Court. Dewey, J.--This was a bill in equity. It states that Fisher, one of the defendants, being ...
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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1847 Excerpt: ...But there is no rule in equity, by which a creditor can be compelled to accept a security for hia debt, or by which another creditor can resort to it in his ptace, after he has rejected it. ERROR to the Wayne Circuit Court. Dewey, J.--This was a bill in equity. It states that Fisher, one of the defendants, being indebted to the complainant, Hannegan, in the sum of 1,200 dollars, mortgaged certain real estate to him to secure the debt; that previously to the execution of the mortgage, Elsberry and Clark, also defendants, obtained judgments against Fisher, which were liens upon the mortgaged premises; that, after the date of the mortgage, Fisher made a deed of trust to certain trustees, other defendants, of all his real and personal property, for the benefit of certain of his creditors, who are likewise defendants; that the judgment-debts of Elsberry and Clark were amply provided for in the deed of trust, but that the complainant's debt was not secured by it; that a majority of the creditors accepted the deed of trust, and some of them received dividends from the trustees, who still held undistributed 1,000 dollars of the trust funds; that Elsberry and Clark, not choosing to avail themselves of the deed of trust, sued out executions and caused the mortgaged premises to be sold, thereby satisfying their judgments, but leaving no overplus to be applied to the mortgage-debt of the complainant; and that the complainant lost, by the sale of the mortgaged premises, the only fund to which he could look for the payment of his debt, Fisher being entirely insolvent. The prayer of the bill is, that the complainant may be substituted in the place of Ehberry and Clark, and that the trustees be decreed to pay to him whatever they were entitled to under the deed of trust. V...
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