(DOWNLOAD) "Brockton Sav. Bank v. Shapiro Et Al." by Supreme Judicial Court of Massachusetts ~ eBook PDF Kindle ePub Free
eBook details
- Title: Brockton Sav. Bank v. Shapiro Et Al.
- Author : Supreme Judicial Court of Massachusetts
- Release Date : January 22, 1942
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 71 KB
Description
RONAN, Justice. This is an action of contract to recover the balance alleged to be due on a promissory note of the defendants dated March 15, 1926, for $100,000, payable in five years to the plaintiff and secured by a mortgage upon certain real estate in Brookline. The jury found for the defendants. The case is here upon the plaintiff's exceptions taken to the admission of the appraisals of the board of investment of the plaintiff and to portions of the instructions to the jury. The property was transferred to the Williamsons on July 8, 1926, by a quitclaim deed which recited that the conveyance was made subject to the mortgage. One of the defendants, Shapiro, testified that the property was sold to Adam and Annie Williamson for the price of $135,000. There was an entry upon the back of the mortgage note where, after the printed words 'Assumed by,' there was typewritten the words 'Adam and Annie Williamson,' but there was no direct testimony as to when these names were put upon the back of the note other than it was 'sometime after July, 1926,' after the Williamsons had purchased the property -- a fact which the plaintiff learned in 1926. The Williamsons, hereinafter called the grantees, entered into a written agreement with the plaintiff on April 15, 1937, whereby the rate of interest on the mortgage note was reduced and the time for payment extended to September 1, 1939. The grantees agreed to pay the interest on the note, the taxes and insurance upon the mortgaged premises, and to pay the note on the last mentioned date. The agreement also contained this provision: 'Be it expressly understood and agreed that nothing herein contained shall be construed to impair the security of said Bank, its successors and assigns, under said mortgage, nor affect, nor impair any rights or powers which it may have under the said note and mortgage for the recovery of the mortgage debt, with interest, in case of non-fulfillment of this agreement by said Equity Owners.' The mortgage was foreclosed on February 24, 1939, but the proceeds from the foreclosure being insufficient to pay the note, the plaintiff brought this action of contract against the defendants to recover the balance amounting to $34,154.47. The jury in answer to a question submitted to them found that the grantees had assumed and agreed to pay the mortgage and that the mortgaged realty had depreciated $5,000 in value between the date of the extension agreement and the date of the foreclosure sale.