Dollar Savings Fund & Trust Co. v. Borough

Citations

• 230 Pa. 240
• 79 A. 496
• 1911 Pa. LEXIS 594

Syllabus

<p>Mortgage — Purchase of mortgage — Assignment—Rights of assignee.</p> <p>1. Where a person uses his own money to purchase a mortgage he may take title to it in his own name, or in the name of any one to whom he chooses to have it assigned, and either he or his assignee is entitled to whatever security the mortgage gives.</p> <p>Mortgage — Depreciation in value — Land damages — Eminent domain.</p> <p>2. Where real estate is depreciated in value by reason of the grading and widening of a street of a borough, and the owner of the property is awarded damages for the injury, but before the award is paid the property is sold in foreclosure proceedings, and owing to the injury brings only a fractional part of the mortgage debt, the owner of the mortgage may follow the fund to the extent of making good his loss by the depreciation caused by the injury.</p> <p>3. In such a case, the fact that the owner of the mortgage was interested in a dual capacity, owing to an agreement with the borough to indemnify it against all damages in excess of a stated amount, does not avail to defeat a recovery on the mortgage, the mortgagor not being a party to such agreement and having no interest in it.</p>