Safe Deposit & Trust Co. v. Kelly

Citations

• 159 Pa. 82
• 28 A. 221
• 1893 Pa. LEXIS 1481

Syllabus

<p>Mortgage — Bond—Satisfaction—Intent.</p> <p>A bond and mortgage taken for the same debt, though distinct securities, possessing dissimilar attributes, and subject to remedies which areas unlike as personal actions and proceedings in rem, are, nevertheless, so far one that payment of either discharges both, and a release or extinguishment of either without actual payment is a discharge of the other, unless otherwise intended by the parties. Fleming v. Parry, 24 Pa. 47, applied.</p> <p>Satisfaction of mortgage — Intent—Question for jury.</p> <p>The entry of satisfaction of record on a mortgage destroys the mortgage and all remedies upon it, and it also extinguishes the debt upon the bond accompanying the mortgage if the parties so intend. The question whether the parties intend that the debt should be extinguished is a question of fact .to be determined by the jury under all the evidence.</p> <p>Decedent in her lifetime held a bond and mortgage against her son-in-law. Prior to her death her son-in-law was instrumental in saving her a large sum of money, and out of gratitude she quietly went to the recorder’s office and satisfied the mortgage, without informing him of her action. She retained the mortgage and bond, and continued to receive interest, but without giving receipts. When urged by a daughter to inform her son-in-law of her action she refused, saying that when he found it out it would be all the sweeter to him. She made other statements showing that she intended to extinguish the debt. After her death her executor brought suit on the bond. Held, that a verdict and judgment for defendant should be sustained.</p> <p>Evidence — Declarations—Satisfaction of mortgage.</p> <p>In the above case declarations of decedent made after the satisfaction of the mortgage, to the effect that she intended to make the mortgagor pay principal and interest of the mortgage, were incompetent, as they could not suffice to destroy the legal effect of the act of satisfaction.</p>