New York & Scranton Construction Co. v. Winton

Citations

• 208 Pa. 467
• 57 A. 955
• 1904 Pa. LEXIS 787

Syllabus

<p>Mortgage — Contract—Payment—Evidence.</p> <p>On. a scire facias sur mortgage it appeared that the mortgagor, the owner of coal land, entered into an agreement in writing to borrow from the mortgagee a large sum of money to enable the mortgagor to develop his coal and prepare it for delivery to the mortgagee who was to purchase it. It was provided in the agreement that the money so loaned should be repaid “until the whole and entire amount of the money so as aforesaid loaned together with the interest thereon shall have been fully paid.” The bond and mortgage also provided that the money should be repaid. The bond provided that the money was “ to be repaid at the rate of fifteen cents for each ton of coal delivered to the obligee, its successors or assigns at and when the payments are agreed to be made for coal delivered until the whole sum advanced shall be fully repaid to the obligee by the obligor together with interest as aforesaid.” Before the loan was repaid from the fifteen cents for each ton of coal delivered to the mortgagee, the merchantable coal became exhausted. Held,, that the mortgagee was entitled to have the balance of the loan paid in cash.</p> <p>Corporations — Foreign corporations — Doing business — Mortgage.</p> <p>A corporation chartered in another state for the purpose of constructing railroads and of mining and transporting coal and other minerals may' maintain a scire facias sur mortgage in this state, although the land covered by the mortgage was coal land, and the money was a loan to the mortgagor for the purpose of developing the coal and selling it to the mortgagee. In such a ease the foreign corporation is not doing business within the meaning of the foreign corporations registration act of April 22, 1874.</p>