Strieker v. McDonnell

Citations

• 213 Pa. 108

Syllabus

<p>M ortgage — Bond—Debt—Satisfaction.</p> <p>A bond and mortgage are separate obligations though for the payment of the same debt. The mortgage though in fact usually the more important item in the transaction is in form and legal effect only collateral security for the bond, and suit, judgment and satisfaction upon it, is not a discharge of the obligation of the bond unless the debt itself is satisfied.</p> <p>A bond and mortgage were given to secure a portion of the purchase money for real estate. The mortgage after, reciting the bond continued as follows: “Now this indenture witnesseth that the said party of the first part as well for and in consideration of the premises as of the aforesaid debt .... and for the better securing the payment thereof unto the party of the second part executors, administrators and assigns in discharge of said obligation above recited .... have granted,” etc. Held, that the effect of the words “in discharge of the said obligation above recited,” i. e., the bond, was not that a sale under'the mortgage was a satisfaction of the bond.</p>