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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1890. Excerpt: ... MARSHALING SECURITIES. "Double Fund For One Creditor. Continued. 3. The rule limited to creditors of a common debtor. But this principle does not apply when a creditor has a lien upon two funds belonging to two separate debtors, and a creditor of one of the debtors has a lien upon one of the funds. Creditors of a common debtor alone can invoke this right, and it has no application as between creditor and debtor. Nor will the rule be applied to the injury of the prior creditor. Boone el al. v. Clark et al. 466. Inverse Order Of Alienation. 4. In case of successive mortgages, or a mortgage and a subsequent sale on execution, or otherwise, of a portion of the mortgaged premises, the subsequent mortgagee or purchaser may insist that the portion of the estate retained by the mortgagorshall first be subject to the mortgage debt, and that the interest of subsequent mortgagees or purchasers shall be liable therefor in the inverse order of alienation. Ibid. 466. 5. So where a part of the mortgagor's equity of redemption has passed from him by sale under execution, the mortgagee's right of foreclosure will be limited to such amount as may equitably bo enforced against such parcel, though the mortgagor may be liable for a larger sum. Ibid. 466. 6. The equitable rule of marshaling securities, whereby lands mortgaged are required to be sold in the inverse order of alienation, rests upon the reason, that when the mortgagor sells a part of the mortgaged premises without reference to the incumbrance, purporting to convey the fee simple, and retaining a part himself, it is equitable, as between the mortgagor and his grantee, that the part still held by the mortgagorshall be first subjected to the payment of the debt; and this equity having attached to the land, a subseque...
    Dimensions7.4 x 0.6 x 9.7 inches

    Reports of Cases at Law and in Chancery Argued and Determined in the Supreme Court of Illinois (Volume 99; V. 129)

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