New Orleans National Banking Ass'n v. Adams

Citations

• 109 U.S. 211
• 3 S. Ct. 161
• 27 L. Ed. 910
• 1883 U.S. LEXIS 960

Syllabus

<p>Louisiana — Mortgage.</p> <p>A executed a promissory note to B, another to C, and two others to D, and secured all by a mortgage of real estate in Louisiana. The notes to D were paid at maturity. Default being made by the others, B obtained a decree for foreclosure of the mortgage, and the property was sold to E. E, being unable to pay the purchase money, agreed in writing with the holders for time, and that the parties might enforce their judgments in case of non-payment, and that the original mortgages should reipain in full force and effect, and that they were recognized as operating on the property to secure the debts. This agreement was recorded in the record of mortgages. E then conveyed to F, who mortgaged to G. The debt to B not being paid on the expiration of the extension, B instituted proceedings to foreclose, treating the agreement as a mortgage, and made G- a party defendant. Held,</p> <p>That the agreement was not a mortgage; that to constitute a mortgage there\\ must be a present purpose to pledge the estate, and that there was no such purpose at the time of the agreement. ■</p>