Lafayette Building, Saving, & Loan Ass'n v. Erb

Citations

• 5 Sadler 40

Syllabus

<p>The execution of the deed and of a purchase-money mortgage, in order to give the mortgage priority over other liens, need not be in fact simultaneous acts. It is enough that they belong to the same transaction and that the delivery be simultaneous.</p> <p>The mortgage need not contain a recital that it was given for purchase money.</p> <p>A purchaser is bound to take notice of the contents of a receipt for purchase money indorsed on a deed in the chain of title.</p> <p>A mortgage for purchase money, so described in the receipt upon the deed to the mortgagor, but containing no recital to that effect, dated three days after the deed buj; delivered simultaneously with the deed, and recorded within sixty days after execution, is not discharged by the sale of the land in foreclosure under a mortgage dated a day earlier.</p> <p>Note. — For the admissibility of parol evidence to show that a judgment was for purchase money, see note to Hamilton v. Baum, 2 Sad. Rep. 617.</p> <p>It is not necessary that the mortgage for purchase money disclose that fact upon its face. Commonwealth Title Ins. & T. Co. v. Ellis, 192 Pa. 321, 73 Am. St. Rep. 816, 43 Atl. 1034. Nor need the deed show that such was given, where the mortgage discloses its purpose. Eldridge v. Christy, 4 Phila. 102. But if there is no record notice, this fact cannot be shown by parol to affect innocent purchasers or mortgagees. Albright v. Lafayette Bldg. & Sav. Asso. 102 Pa. 411.</p>