Peugh v. Davis

Citations

• 113 U.S. 542
• 5 S. Ct. 622
• 28 L. Ed. 1127
• 1885 U.S. LEXIS 1704

Syllabus

<p>In a suit in equity for redeeming unoccupied and unenclosed city lots from a mortgage, the mortgagee in constructive possession is chargeable only with the amounts actually received by him for use and occupation.</p> <p>It would be unreasonable to charge him with interest on the loans secured by the mortgage.</p> <p>Respondent defended against complainant’s claim to redeem, by setting up that the alleged mortgage was an absolute conveyance. This being decided adversely, Held, That in accounting as mortgagee in constructive possession, he was not liable for a temporary speculative rise in the value of the tract, which subsequently declined — both during the time of such possession.</p>