Eberly v. Shirk

Citations

• 206 Pa. 414
• 55 A. 1071
• 1903 Pa. LEXIS 733

Syllabus

<p>Execution — Mortgage—Defeasance.</p> <p>Where an owner of land conveys the same to a bank as security for notes, and no defeasance is executed at the time, and subsequently the bank conveys the land to a guarantor of the notes who has paid them, and thereafter the guarantor who has a judgment against the original 'owner issues execution thereon and sells the land as the land of the original owner, and buys it in, and the proceeds are sufficient to pay all judgments, the guarantor cannot claim the whole proceeds on the theory that the land really belonged to her. In such a case the original owner had an equity in the land, although not enforceable by reason of the Act of June8, 1881, P. L. 84, and such equity is an interest which any creditor may sell on execution for whatever any purchaser may choose to give for it.</p>