Columbia Avenue Savings Fund, Safe Deposit, Title & Trust Co. v. Lewis

Citations

• 190 Pa. 558
• 42 A. 1094
• 1899 Pa. LEXIS 1060

Syllabus

<p>Wills — Life estate — Power to sell — Mortgage.</p> <p>Where a testator gives his wife the income of his property during her life or her widowhood with a power to sell real estate “ for the payment of my debts and purposes of my estate,” without any liability on the part of the purchaser to see to the application of the purchase money, and authorizes his widow to continue his business for her sole use, she has no power to mortgage the real estate for a longer period than her own life to raise money to pay interest on a mortgage, to pay taxes or to assist her in conducting the business ; and if she does so and the mortgagee knows or has the means of knowing that the money is not to be used to pay the testator’s debts, or for the purposes of his estate, he will take no title to the real estate by purchase in foreclosure proceedings on the mortgage; and an assignee of the mortgagee who has taken it without any declaration of no set-off is in no better position than the mortgagee.</p> <p>A release of part of the bond covered by a mortgage which was ultimately decided to be void, in consideration that the mortgage should be valid as to the remainder of the property is a contract looking to the abatement of possible litigation and to repose, and as such, is both substantial and valid as a consideration.</p>