Apollo Trust Co. v. Safe Deposit & Title Guaranty Co.

Citations

• 31 Pa. Super. 524
• 1906 Pa. Super. LEXIS 249

Syllabus

<p>Equity — Jurisdiction—Assignment—Mortgage.</p> <p>Jurisdiction in equity no longer depends solely upon the want of a common-law remedy. If upon consideration by the court the remedy by an action in assumpsit is inadequate, or is insufficient to effect complete justice between the contending litigants, the court may properly adjudge the proceeding by. a bill in equity to be the most convenient and effective in order to reach all the phases of the plaintiffs’ contention, so as to dispose of the whole matter by securing and protecting the present and future interests of all parties concerned in the controversy. This is particularly the rule when the facts are conceded by demurrer, and the accounts are complicated, or are all in the hands of one of the parties, or the situation involves a trust or confidential relation.</p> <p>Where the owner of a mortgage assigns it absolutely to secure a creditor, and subsequently assigns the balance of the mortgage to secure another creditor, and in the latter assignment directs his first assignee to collect the mortgage debt in full, and after deducting his own claim to pay the balance of the mortgage debt to the second assignee, the latter may maintain a bill in equity against the first assignee, the assignor and the mortgage creditor, as defendants, to compel the payment of the balance due upon the mortgage after the payment of the debt of the first assignee.</p>