Lent v. Morrill

Citations

• 25 Cal. 492
• 1864 Cal. LEXIS 58

Syllabus

<p>Renewal of Note Extends Lien of Mortgage.—A renewal of a note, secured by a mortgage upon lands, so as to extend the time within which it would be barred by the Statute of Limitations, carries with it an extension of the lien of the mortgage to the time when the note will expire by the terms of the renewal, if at the time the note is renewed the maker of the note and mortgagor is still the owner of the lands mortgaged.</p> <p>Same.—If the maker of the note and mortgagor sells the land mortgaged to secure the . . same, and while divested of the title extends the time of payment of the note, and afterwards becomes re-invested with the title, this re-investment extends the lien of the mortgage, so that it will remain valid until the note, as extended, is barred by the Statute of Limitations.</p> <p>Extension of Note Extends Mortgage as Against Innocent Purchaser.—If the maker of a note secures the same by a mortgage on lands, and while still the owner of the mortgaged property extends the time of payment of the note, or if he divests himself of the title to the lands, and then extends the time of payment of ' the note, and afterwards acquires title, the purchaser from the mortgagor of the lands mortgaged takes the same subject to the lien of the mortgage, until the note is barred by the Statute of Limitations, although at the time of his purchase he did not know that the time of payment of the note had been extended.</p> <p>Sale by Mortgagor with Covenant of Warranty.—Where a note secured by mortgage on lands is extended by the maker, and the lien of the mortgage thereby extended, and the maker and mortgagor afterwards sells the lands, with general covenant of warranty, to one ignorant of the extension, the covenant in the deed will not defeat the extension of the lien of the mortgage.</p>