Real Property Manual 1992

Author : Charles Theodore Boone
Publisher : Rarebooksclub.com
ISBN 13 : 9781230143958
Total Pages : 178 pages
Book Rating : 4.1/5 (439 download)

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Download or read book A Manual of the Law of Real Property; Including, Also, General Rules of Law Relating to the Purchase and Sale of Real Property, Or Law of Vendor and P written by Charles Theodore Boone and published by Rarebooksclub.com. This book was released on 2013-09 with total page 178 pages. Available in PDF, EPUB and Kindle. Book excerpt: This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1883 edition. Excerpt: ...the question of merger depends in each case upon the interest and intent of the parties, and the demands of substantial justice.4 There will be no merger of the two estates in any case, if it be Jot the interest of the owner to keep them distinct.6 The law will even uphold a mortgage in favor of the mortgagee against an intervening title, although the parties had undertaken to discharge the mortgage, provided injustice would not be done thereby.6 But in no case, except for the advancement of justice, will equity uphold and keep alive a mortgage which has been substantially Satisfied.7 In the absence of a special agreement to that effect, a mortgage is not usually merged by the taking of a new mortgage from the same party upon the same property.8 And where a mortgagee assigns or transfers the mortgage, and then acquires the absolute title, this does not operate to merge the mortgage.9 But where, without having assigned his mortgage, he takes a release of, or in any other way acquires, the equity of redemption, the mortgage is merged, unless the interest and intent of the parties intervene to prevent." 1 See James p. Johnson, 6 Johns. Ch. 417; Freeman c. Fanl, 3 Me, 69; Walker v. Barker, 26 Vt. 719: Forbes p. Moftatt, 18 Ves. 384. 236. Subrogation.--Subrogation or substitution, by operation of law, to the rights and interests of the mortgagee in the land arises or proceeds on the theory that the mortgage debt is paid.1 The doctrine is founded upon the equitable principle, that the mortgage being intended as security for the payment of the debt, one who pays the debt acquires a'right to the security.2 Thus, the holder of a junior mortgage is entitled to be subrogated to the rights of the senior mortgagee, upon payment of the...