Globe Building & Loan Ass'n v. Vanderherchen

Citations

• 202 Pa. 325
• 51 A. 891
• 1902 Pa. LEXIS 514

Syllabus

<p>Mortgage — Building and loan association — Opening judgment — Evidence.</p> <p>Where the owner of the mortgage junior to a building and loan association mortgage forecloses and buys in the premises, and shortly thereafter judgment is entered against the mortgagee on a suit begun by the building and loan association on its mortgage, the purchaser cannot have the latter judgment opened on the ground that the building and loan association had settled with the mortgagee, and had accepted a new mortgage for a much smaller amount, where the evidence of the secretary of the association shows conclusively that there had been negotiations for such a settlement, but that they fell through when the association discovered the existence of other mortgages on the premises by reason of which the mortgagee could not give to the association a first mortgage in substitution of the one which the association already held.</p>