Guion v. Knapp

Citations

• 6 Paige Ch. 35
• 1836 N.Y. LEXIS 300
• 1836 N.Y. Misc. LEXIS 93

Syllabus

<p>The principle of charging different parcels of the mortgaged premises which have been sold at different times, subsequent to the mortgage, in the inverse order of their alienation, is not always confined to the original alienations of the mortgagor who is personally liable for the debt. It is equally applicable to several conveyances of separate parcels of the mortgaged premises, made at different times, by his grantee who conveys with warranty.</p> <p>Where a mortgagee, with notice of several successive alienations of parts of the mortgaged premises, releases that part which is primarily liable in equity for the payment of the mortgage debt, he cannot be permitted to charge other portions of the premises with the payment of the mortgage, without deducting from the amount due the value of the part thus re leased.</p> <p>Therightof a prior grantee of part of the mortgaged premises to have the different parcels charged in the inverse order of their alienation is an equi- . table and not a strictly legal right; and is governed by the same equitable principles upon which a court of chancery protects the rights of sureties. A release by the mortgagee of the land which is primarily chargeable, as being the last conveyed, does not therefore discharge his lien upon the part which was previously conveyed, unless he had notice of the previous conveyance at the time of the execution of such release.</p>