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Reports of Cases in the High Court of Chancery of Maryland 1846-1854
Volume 200, Volume 3, Page 335   View pdf image (33K)
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NEPTUNE INSURANCE COMPANY VS. DORSEY. 335
be clothed by mere operation of law and upon principles of equity with
the rights of an assignee, unless he has paid the entire debt of the creditor:
a pro (onto assignment will not be allowed.
The trustees for the gale of mortgaged property postponed the sale, at the
request of the owner of the equity of redemption, who stipulated that they
should be allowed commissions and expenses for such postponed sale.
—HELD, that this was a personal contract with 'the party, and gave the
trustees no right to claim such commission out of the proceeds of sale.
[The facts of the case are fully stated in the Chancellor's
opinion.]
THE CHANCELLOR:
The principal question in this case, which is brought before
the Court upon exceptions to the report of the Auditor, relates
to the right of claim No. 12 to be substituted to the amount
thereof in the place of No. 1, which appears to be a prior lien
upon the proceeds of the property sold under the decree of this
Court.
Claim No. 1 is founded upon the mortgage of the property
in question, by Rebecca Dorsey to the Neptune Insurance
Company, bearing date on the 15th of April, 1843, to secure
payment of the sum of $8,000, and which, by the assignment
of the mortgagee, has become the property of the Baltimore
Life Insurance Company. The proceedings show that after
the execution of this mortgage, to wit: on the 15th of Febru-
ary, 1844, Rebecca Dorsey, the mortgagor, for the considera-
tion of five dollars, conveyed by deed to Edward H. Dorsey,
her equity of redemption in the mortgaged premises, subject
to the mortgage debt; and that on the 9th of March, of the
same year, Edward H. Dorsey and his wife conveyed the same
property to John Patterson, to secure the payment of the earn
of $3,574 28, due by him to Patterson, on a promissory note
dated on the day of the date of the mortgage, payable in five
years, and for the interest on said sum, for which interest notes
were also executed. This mortgage, upon its face, was made
subject to the preceding mortgage given by Rebecca Dorsey to
the Neptune Insurance Company. The mortgage to Patterson

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Reports of Cases in the High Court of Chancery of Maryland 1846-1854
Volume 200, Volume 3, Page 335   View pdf image (33K)
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