Bowman v. Clyde

Citations

• 101 Kan. 165
• 165 P. 820
• 1917 Kan. LEXIS 43

Syllabus

<p>SYLLABUS BY TUB COURT.</p> <p>1. Promissory Note — Secured, by Mortgage — Land Sold by Mortgagor Subject to the Mortgage — Suit on Note — Maker Entitled to Credit for Value of Land. Where the mortgagor of land sells it subject to the mortgage, there being no assumption of the debt by the grantee, and a third person afterwards buys the mortgage and later obtains a deed to the land subject thereto, and then releases the mortgage, sells the land, and brings an action against the mortgagor upon his note, the plaintiff is entitled to recover the amount of the note less the reasonable value of the land at the time he sold it.</p> <p>2. Same. The plaintiff’s rights in the situation are not affected by the fact that the defendant had told him he would see that the property sold for enough to pay the mortgage, if it were foreclosed.</p> <p>3. Same. The evidence held not to support a finding that the land was worth the full amount of the mortgage.</p>