Jeanes v. Hizer

Citations

• 186 Pa. 523
• 42 W.N.C. 331
• 40 A. 785
• 1898 Pa. LEXIS 1037

Syllabus

<p>Mortgage — Purchase money mortgage — Notice—Names.</p> <p>It is not necessary that a purchase money mortgage should be in the names of the vendee and vendor, in order to convey record notice.</p> <p>While a mere recital that an instrument is given to secure purchase money is not conclusive that the instrument is a purchase money mortgage, yet such recital may amount to such notice as makes inquiry a duty.</p> <p>Several tenants in common agreed to sell a tract of land to one of their number. A deed from all the parties was made to C., a third person, who on the same day that the deed was delivered to him executed and delivered his deed to the purchaser. Though one of the tenants in common agreed to let his interest remain in the land secured by a purchase money lion, yet the deed acknowledged the payment of all the purchase money. The mortgage was made by the real purchaser directly to this tenant, and recited that it was given “ for the better securing of above stated amount of purchase money for the above described property.” It was executed simultaneously with the deeds, but was not recorded until live days thereafter. In the mean time another mortgage was executed, delivered and recorded on the same day as the deeds by the purchaser. After the recording of the first mentioned mortgage the other mortgage was assigned. Held, (1) that the recital in the first mortgage was sufficient to put the owner of the other mortgage on inquiry as to the character of the first mentioned mortgage; (2) that the first mentioned mortgage was entitled to priority iti the distribution of the proceeds of the sale of the real estate.</p>