Daggett v. Rankin

Citations

• 31 Cal. 321

Syllabus

<p>What will Create Mortgage in Equity.—An agreement in writing to give a mortgage, or a mortgage defectively executed, or an imperfect attempt to create a mortgage or to appropriate specific property to the discharge of a particular debt, will create a mortgage in equity or a specific lien on the property so intended to be mortgaged.</p> <p>When Mortgages given on the Same Land stand on Equality.—D. and V. were tenants in common, each owning equal interests in real estate, and at the same time made contracts in writing with R., drawn upon the same piece of paper, by which they were to convey to R. their respective interests, and R. was to execute to each a mortgage on certain land he was about to acquire, as security for the purchase money due to each. R. gave the mortgages, but that to V. was first made and recorded. Held, that the money arising from the sale of the mortgaged premises should be applied equally to the payment of the sums due D. and V.</p> <p>Rights of Mortgagees as between Each Other.—When the owner of land contracts in writing with two persons at the same time to execute to each a mortgage on the same, and each has knowledge of the agreement with the other, and nothing is said about priority of mortgages, the mortgages afterwards executed stand upon an equality although one may have been first executed and recorded.</p>