Redman v. Purrington

Citations

• 65 Cal. 271
• 3 P. 883
• 1884 Cal. LEXIS 516

Syllabus

<p>Assignment op Note Secured by Mortgage.—Where several notes are secured by mortgage, and the holder sells and assigns the one last payable, expressly agreeing that the assignment should carry with it a pro rata interest in the mortgage, such agreement is binding upon a subsequent purchaser of the other notes with an assignment of the whole mortgage, who had knowledge of the sale and assignment previously made, but not of the agreement respecting the interest in the mortgage.</p> <p>Mortgage—Default in Payment of Interest—Stipulation that Principal Shall be Due —Assignee’s Bights.—A covenant in a mortgage, that in case of default in the payment of either principal or interest then the whole sum of principal and interest shall become due at the option of the mortgagee, inures to the benefit of the assignee of the mortgagee.</p>