Waters v. Chase

Citations

• 142 Pa. 463
• 21 A. 882
• 1891 Pa. LEXIS 760

Syllabus

<p>(ct) A mortgage, reciting an indebtedness payable by instalments, but with no covenant to pay and unaccompanied by a bond, was assigned by tlie mortgagees, with a clause providing: “And wo do hereby guarantee the collection of said mortgage and all payments thereon at maturity: ”</p> <p>1. In such case, notwithstanding there was no liability upon the mortgagor beyond the value of the mortgaged premises, the assignors thereof were liable on their guaranty to the assignee, to the extent of the indebtedness secured by the mortgage.</p> <p>2. In assumpsit against the assignors, to recover abalance unpaid after a sale of the premises on levari facias, it is no defence that the premises were worth the face of the mortgage, and that the plaintiff might have bid up for his protection.</p>