South Carolina Ins. v. Kohn

Citations

• 108 S.C. 475
• 95 S.E. 65

Syllabus

<p>' 1. Mortgages — Assumption by Grantee — Acceptance oe Deed Poll. —A contract on the part of the grantee to assume prior mortgages on the property purchased is shown by the acceptance of a deed reciting such assumption.</p> <p>2. Mortgages — Assumption by Grantee — Extent oe Liability. — The grantee of realty is liable, upon the contract embraced in his deed whereby he agreed to assume the mortgages on the property, directly to the holders of the mortgages he contracted to assume, whether or not his grantee was liable therefor, the doctrine of liability not resting on the principle of subrogation, but on the rule that one for whose benefit a promise is made to another can maintain an action thereon.</p>