Assigned Estate of Gibble

Citations

• 134 Pa. 366
• 19 A. 681
• 1890 Pa. LEXIS 713

Syllabus

<p>[To be reported.]</p> <p>1. When, by common consent, a basis of valuation has been adopted in the payment of a common encumbrance out of the proceeds of a tract of land, parts of which were separately subject to subsequent liens, it must be adhered to when the balance of the fund comes to be apportioned between the liens against the different portions of the land.</p> <p>(a) Assignees for the benefit of creditors sold, as a whole, a tract of land divided by a county line. The entire tract was subject to a mortgage which was the first lien. Subsequent liens were entered in each county, no lien creditor except the first having a lieu on the entire tract. By agreement, the junior liens were discharged by the sale:</p> <p>2. The amount of the first lien having been deducted from the purchaser’s bid, by consent of all parties, the residue of the purchase money, and the profits of the land prior to the sale, must be apportioned between the junior liens against the different parts of the land, upon the basis of the price received per acre for the land as a whole.</p>