Equitable Building & Loan Ass'n v. Thomas

Citations

• 216 Pa. 571
• 65 A. 1100
• 1907 Pa. LEXIS 866

Syllabus

<p>Mortgage — Satisfaction of mortgage — Junior mortgage — Purchase of land by owner of the first mortgage — Division of land.</p> <p>Where a mortgage is given upon a tract of land, and subsequently that land is divided and becomes the property of two different owners, and the property of one is sold upon a judgment which is a junior to the lien of the mortgage covering the entire tract, and the owner of the mortgage covering the entire tract purchases the property at sheriff’s sale, such purchaser satisfies the mortgage on his own property only, but does not satisfy that on his neighbor’s property.</p> <p>Building and loan associations — Bidding on loan — Principal and agent— Ratification of agency — Estoppel.</p> <p>Where at a meeting of a building and loan association a person bids on a loan for a member without authority, and the member subsequently directs in writing the association to appropriate a portion of the loan to premiums bid for the loan, the member is estopped thereafter from denying the authority of the agent to make the bid.</p>