Lowe v. Felt

Citations

• 21 Ohio C.C. Dec. 471

Syllabus

<p>LIMITATION OF ACTIONS — MORTGAGES.</p> <p>1. Bar of Statute of Limitations Saved from Running by Three Methods.</p> <p>Either one of the three methods, prescribed by Sec. 4992 Rev. Stat., for keeping claims alive, payment, promise of payment or acknowledgment thereof, complies with the saving clause of the statute and is adequate to prevent its running. Hence, payment of a sum of money within fifteen years after the maturing of a note secured by mortgage, is sufficient to constitute an acknowledgment of an existing liability.</p> <p>2. Payments to Prevent Operation of Bar of Limitation of Actions.</p> <p>A nephew having an interest in a mortgage upon his uncle’s lands, transferring his interest therein to his brother by written assignment, recognizes the existence and validity of the mortgage and note secured thereby; and having obtained within a month thereafter a warranty deed of the mortgaged premises in which he subsequently grants back a life estate to the uncle in pursuance of a family arrangement to leave him in possession undisturbed during his life, cannot assert that payments made by him and endorsed upon the note did not operate to keep the mortgage alive after the uncle’s death.</p> <p>3. Payments on or Acknowledgments of Mortgage Debt Operating to Preserve Lien though Debt Barred. ,</p> <p>Payments on or acknowledgments of a debt secured by mortgage, by the owner of an equity of redemption may operate to keep the mortgage lien alive as against the statute of limitations although a right of action on the debt against the original debtor may be barred.</p> <p>[Syllabus approved by the court.]</p>