Newell v. Neal

Citations

• 50 S.C. 68
• 27 S.E. 560
• 1897 S.C. LEXIS 10

Syllabus

<p>1. Mortgages — Remedy—Equity.—A mortgagee who assigns a bond and mortgage as part of the purchase money of a tract of land upon condition that assignee collect it, and apply the proceeds to extinguishment of liens on the lands purchased, has no equity to demand judgment against mortgagor for the amount of the mortgage debt, after the assignee has satisfied the mortgage and paid ofl: the encumbrances on the lands purchased, with other funds.</p> <p>2. Res Judicata. — The question of the validity of the family agreement, and assignment of the mortgage herein, held to be res judicata.</p> <p>3. Mortgages — Bonds—Limitation oe Actions. — Where a mortgagee assigned, conditionally, a bond and mortgage, and the assignee satisfied the mortgage on the record, and afterwards the mortgaged lands passed into hands of innocent pur'chasers without notice, upon breach of condition of the assignment, nothing but the bond exists, and action on the bond is barred in six years after notice to assignor of the satisfaction of the mortgage.</p> <p>4. Contracts. — This Court hesitates to declare one part of a contract void for want of consideration, and that another part is supported by a legal consideration.</p>