Hill v. Eldred

Citations

• 49 Cal. 398

Syllabus

<p>Equitable Mortgage.—An assignment of a certificate of purchase of land, issued by the State, by way of security for a debt due by the assignor to the assignee, operates as an equitable mortgage on the interest in the land which the assignor acquired by virtue of the certificate, and if the • assignee pays money due the State on the certificate, in order to prevent a forfeiture of the assignor’s title, the money so paid becomes a portion of the mortgage debt, and the Court will enforce an equitable lien for the whole sum.</p> <p>Interest.—Interest at a greater rate that ten per cent, per annum cannot be recovered, unless there is an agreement in writing to pay the same.</p> <p>Idem.—Under the statute of 1868, judgments cannot be made to draw interest at a greater rate than seven per cent, per annum.</p>