Matzen v. Shaeffer

Citations

• 65 Cal. 81
• 3 P. 92
• 1884 Cal. LEXIS 449

Syllabus

<p>Mobtgage—Equitable Assignment—Pbiobitt of Lien__A purchaser of land subject to a mortgage agreed with the owner and the mortgagee to pay off the mortgage debt as part consideration for the purchase. The mortgage debt was paid by the purchaser to the mortgagee, and the remainder of the purchase money to the owner, who thereupon conveyed the land to the purchaser. The mortgagee entered satisfaction of the mortgage debt upon the record. Held, that the transaction operated as an equitable assignment of the mortgage to the purchaser, and was a lien prior and Superior to that of a judgment against the mortgagor procured and entered after the date of the execution of the mortgage, and before the entry of satisfaction of the mortgage debt.</p> <p>Homestead—Obdeb Setting Apaet to Insolvent. — When no valid declaration of homestead has been filed, an order of court setting apart a homestead to an insolvent is a nullity.</p>