Weis v. Delong

Citations

• 16 Pa. Super. 246
• 1901 Pa. Super. LEXIS 52

Syllabus

<p>Debtor and creditor — Payment—Mortgage.</p> <p>In an action of assumpsit to recover a balance for work and- labor done on a building operation, binding instructions for defendant are properly entered where it appears that by an agreement in writing between the parties it was provided that the said balance should be paid by an interest in two mortgages which were to be assigned to a trust company subject to a collateral loan in favor of the trust company, with right to the plaintiffs to sell the mortgages upon completion of the buildings, and that the defendants had assigned the mortgages to the trust company immediately upon the execution of the contract. In such a case the interest in the mortgages, subject to the payment of the claim of the trust company, was an absolute payment to plaintiffs, and not a mere collateral security for the debt.</p>