Hopkins Manufacturing Co. v. Ketterer

Citations

• 237 Pa. 285
• 85 A. 421
• 1912 Pa. LEXIS 933

Syllabus

<p>Mortgage — Assignment—Equity—Subrogation—Lessee—Tender ■ — Recorded lease — Notice—Averments.</p> <p>1. Generally speaking, a mortgagee is not required on receipt of the indebtedness to assign or transfer the mortgage; he can only be required to satisfy it; but the circumstances may be such that when the debt is paid he may be required to assign the instrument for the protection of the party making the payment. If a junior mortgagee, judgment creditor or other incumbrancer pay a prior incumbrance in order to protect his own interest in the incumbered estate, he will, as a general rule, be subrogated to all the rights of the senior incumbrancer, and if necessary for his- protection, may compel an assignment of the security. The same relief will be given under the same circumstances to a lessee for years.</p> <p>2. Upon a bill for subrogation filed by the assignee of a lessee to compel the assignee of a mortgage, to receive the debt and assign the mortgage which secures it, it appeared that the plaintiff on September 1, 1907, became lessee of property upon which it erected buildings, etc., for carrying on its business and that eviction from the premises would be an irreparable injury; that the defendant became the assignee of a mortgage which was a first lien upon the property on November 25, 1908, and issued a sci. fa. thereon December 19, 1908, and obtained judgment; that the plaintiff on January 23, 1909, subsequently to the issue of a writ of levari facias, notified the defendant who resided out of the State by letter dated January 23, 1909, that it stood ready to pay the amount due on the mortgage with costs upon assignment thereof to it; that on March 28, 1909, the defendant entered judgment on a judgment note for an amount exceeding' the value of the property, which judgment was a lien upon the' same; that subsequently the plaintiff tendered to the mortgagee’s attorney of record the debt, interests, costs, etc., with the request for the assignment of the mor