Paton v. Murray

Citations

• 6 Paige Ch. 474
• 1837 N.Y. LEXIS 264
• 1837 N.Y. Misc. LEXIS 49

Syllabus

<p>The wife having joined with her husband in a mortgage of his real estate, to secure a partnership debt due from him and his co-partner, upon a written stipulation given by the co-partners to her that the mortgage should be paid out of the partnership funds ; and the firm having afterwards failed and assigned all their property and effects to the mortgagee and another person to pay other debts of the firm ; Held, that the mortgage was not a specific equitable lien upon the partnership funds as against the other debts due from the firm, and that the wife’s contingent right of dower in the mortgaged premises was liable to be sold if her husband’s interest in the premises were not sufficient to satisfy the mortgage.</p> <p>Where a mortgagor assigned all his property, including his equity of redemption in the mortgaged premises, to the mortgagee and another person-as trustees for the benefit of creditors; Held, that the proper way for the mortgagee to enforce his specific lien upon the mortgaged premises was by a bill of foreclosure, and' that his co-trustee was a necessary party to such bill; and that the wife of the mortgagor having joined in the mortgage, the husband and wife were proper parties to the suit for the purpose of extinguishing her contingent right of dower in the mortgaged premises.</p>