McDowell v. Jacobs

Citations

• 10 Cal. 387

Syllabus

<p>Where thirteen persons made a joint and several promissory note, payable to three of their number, and all joined in the execution of a mortgage to secure the payment of the note, (the plaintiffs being both payors and payees in the note, mortgagors and mortgagees in the mortgage,) and, subsequently, the payees of the note brought suit against the other makers, and for a foreclosure of the mortgage : Held, thac the suit was properly brought) and plaintiffs were entitled to a judgment of foreclosure.</p> <p>The note and mortgage executed by the whole of the associates.in this joint enterprise, to three of them, is equivalent to a note and mortgage executed by the defendants to the plaintiffs for an amount less by the proportion of the number of the plaintiffs to the defendants—that is, to three-thirteenths of the sum—and may be enforced in like manner as if so executed.</p>