Hemperley v. Tyson

Citations

• 170 Pa. 385
• 32 A. 1081
• 1895 Pa. LEXIS 1418

Syllabus

<p>Building association — Assignment of stock — Attachment execution — Marshaling assets — Equity.</p> <p>Where a member of a building association borrows money from the association, and to secure the loan gives a mortgage on his real estate, and makes an assignment of his stock, in which he elects to appropriate the amount realized from the stock at its maturity in payment of the loan, an attachment creditor whose attachment is subsequent to the mortgage and assignment cannot compel the association to exhaust the security furnished by the mortgage before resorting to the security afforded by the assignment.</p> <p>Subrogation — Notice—Equity—Attachment execution — Building association.</p> <p>Where a loan by a building association is secured by a mortgage and an assignment of the stock of the association, and a subsequent attaching creditor desires to enforce any equity which he may have to subrogation to the rights of the mortgagee, he must notify the association of his equity, and of his intention to enforce it, and caution the association to do no act by which his security may be diminished.</p> <p>Where the attaching creditor procures a sale of the real estate subject to the mortgage, but secures nothing therefrom towards payment of his debt, and gives no notice to the association of his purpose to compel it to resort in the first instance to the real estate for the payment of its claim, or in the event of its refusing to do so to demand subrogation to its rights as mortgagee, he cannot complain of the appropriation of the amount realized on the stock to the payment of the loan, nor of the cancellation of the mortgage.</p> <p>Building association — Mortgage—Sheriff's sale — Notice—Estoppel. r</p> <p>Where a loan by a building association is secured by a mortgage and an assignment of the association’s stock, the assignment containing an election on the part of the assignor to appropriate the amount realized from the stock at its maturity in payment of the loan,