Calhoun v. McConaghey

Citations

• 79 Wash. 6
• 139 P. 635
• 1914 Wash. LEXIS 1135

Syllabus

<p>Mortgages — Construction—Advances—Estoppel. A mortgagee, accepting a mortgage for $4,000, on advancing $2,000, is estopped to claim, as against a second mortgagee, that sums paid hy him to discharge taxes and assessment liens were not advancements under the mortgage but were paid extrinsieally of the mortgage and for the sole purpose of protecting his lien for $2,000, where the mortgagor had agreed with the second mortgagee that the taxes and assessment liens should be discharged from the proceeds of the first mortgage, and the first mortgagee had notice thereof, or of sufficient facts to put him on inquiry.</p> <p>Same — Extent op Lien — Taxes and Liens Paid. Where a first mortgagee advanced $2,000 of the $4,000 secured, under the mortgagee’s agreement with a second mortgagee to discharge taxes and assessment liens with the balance of the proceeds of the first mortgage, but the first mortgagee in fact paid out more than $2,000 in discharging taxes and liens, equity requires that the excess sums he returned to him, or else that he be allowed to -foreclose the mortgage for the full amount advanced.</p> <p>Same — Discharge—Tender—Amount Due. An insufficient tender of the amount due on the first mortgage will not defeat the right of a second mortgagee to stay the foreclosure, where it is apparent that 'a tender of the full sum would not have been accepted, and where the second mortgagee offers to do equity.</p>