Williams v. Naftzger

Citations

• 103 Cal. 438
• 37 P. 411
• 1894 Cal. LEXIS 798

Syllabus

<p>Mortgage—Assumption of Mortgage Debt by Grantee of Mortgagor —Liability to Mortgagee for Deficiency.—An agreement by the grantee of a mortgagor to pay and discharge the mortgage debt upon the granted premises renders the grantee liable therefor to the mortgagee, and upon foreclosure of the mortgage judgment may be rendered against such grantee, as well as against the mortgagor, for any deficiency.</p> <p>Id.—Principal and Surety—Rights of Creditor.—By the assumption of a mortgage debt by the grantee, as between him and his grantor, the grantee becomes primarily liable as principal debtor, and the grantor becomes his surety, and the mortgagee, as creditor, is entitled to the benefit of the security or collateral obligation given by the grantee, as principal debtor, to the grantor, as surety, for the payment of the debt.</p> <p>Id.—Acceptance of Deed by Grantee—Conflict of Evidence.—Where there is a conflict of evidence as to whether a deed assuming the payment of a mortgage was accepted by one of the grantees, the finding of the court is not open to review upon appeal.</p> <p>Id.-—Reconveyance to Mortgagor —Nondelivery—Continuance os Obligation to Discharge Mortgage Debt.—Where a deed of receñveyance to the mortgagor by grantees who have assumed the mortgage debt was not delivered to, or accepted by, the mortgagor, the grantees are not released from their obligation to discharge the mortgage debt, and the mortgagee is entitled to avail himself of their obligation for the purpose of obtaining satisfaction of the debt created by the mortgagor.</p>