Cal. Loan & Trust Co. v. Hammell

Citations

• 101 Cal. 250
• 35 P. 765
• 1894 Cal. LEXIS 1019

Syllabus

<p>Mortgage—Void Assignment—Agency—Excess oe Authority—Payment oe Note—Notice to Assignee.—Where one assuming to act as the agent of the owner and holder of a note secured by mortgage, made an assignment thereof, without authority, and in violation of the directions of his principal, that the mortgage, the release of which he had previously signed and acknowledged, should be delivered upon the payment of the note and made such assignment after payment of the note at the request of the maker and of the assignee, by a third person, who requested the assignment to be made instead of discharging the mortgage, the assignee having due notice at and prior to the assignment of all the facts, no title passed by such assignment to the assignee, and he has no right to foreclose the mortgage.</p> <p>Id.—Extinguishment oe Debt—Collateral Security.—The payment of the amount of the note and mortgage operated as an extinguishment of the debt, the payment of which was provided for and secured to the assignee by assignment of a joint note and mortgage on other land, executed by the maker of the note in question and his wife.</p>