(Download) "William Campbell's Executors, Appellants v. Pratt" by United States Supreme Court # eBook PDF Kindle ePub Free
eBook details
- Title: William Campbell's Executors, Appellants v. Pratt
- Author : United States Supreme Court
- Release Date : January 01, 1829
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 65 KB
Description
This cause has its origin in the great case of Pratt, Francis et al., which appeared in this Court some years ago with the formidable bulk of nine hundred folios! The rights of the parties had become exceedingly perplexed in the progress of large and multifarious transactions, originating in the speculations of Morris, Nicholson & Greenleaf, in the land of this city. Thomas Law held a mortgage of thirty-six squares from Morris, Nicholson & Greenleaf, and fourteen of the same squares were mortgaged by them to one Duncanson. Campbell acquired the equity of redemption of Morris, Nicholson & Greenleaf, in thirty-two of the thirty-six squares, the four others not being included, in Duncanson's mortgage. The equity of redemption in these four squares has passed by assignment to present appellees, in right of Morris, Nicholson & Greenleaf. Thirteen of the squares included in Duncanson's mortgage were among the thirty-two in which Campbell had possessed himself of Morris, Nicholson & Greenleaf's equity of redemption; and his constant efforts have been to reduce the sum due on Law's mortgage, to put aside that of Duncanson, as a satisfied incumbrance, and to obtain a precedence to Morris, Nicholson & Greenleaf's equity, in the four remaining squares. This Court established the principles on which the sum to be raised to satisfy Law's mortgage should be ascertained; decided against any precedence in Campbell, as a joint holder of the equity of redemption; and sustained Duncanson's mortgage, in favour of a prior equity which Greenleaf held in it. So that in effect, the cause went down to the circuit court for the sole purpose of having a sale of the squares effected; the proceeds applied, first to pay off Law's mortgage, then Greenleaf's interest in Duncanson's mortgage, and the balance only, if any, to go to the equity of redemption. Substantially, this has not been done; for we now find the two squares, which form the subject of the present controversy, in the hands of Pratt et al. the appellees, which could only be in the right of Morris, Nicholson & Greenleaf's equity of redemption; whereas Duncanson's mortgage, to a large amount, remains unsatisfied; and Campbell, with eight-ninths of the equity of redemption in him, has received nothing.