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Reports of Cases in the High Court of Chancery of Maryland 1846-1854
Volume 200, Volume 3, Page 522   View pdf image (33K)
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522 HIGH COURT OF CHANCERY.
under the statute of Elizabeth, and as executed in fraud of the
insolvent laws, and by an order of said Court, passed upon his
bill, he was appointed receiver, to take charge of the property
contained in them.
The explanation given of this transaction, in the answer of
Brown, is this: that in November, 1847, he being about to
engage in business as a tobacconist, in the City of Baltimore,
Brannan agreed to advance him the sum of $800, to aid him
therein, and did accordingly advance him, between the 5th of
said month and the 21st of January following, money, at
various times and in various sums, which the answer particu-
larly specifies, amounting in all to $584; and on the 11th of
February following, he purchased of said Brannan various
articles specified, amounting in all to $408; and that at Brannan's
urgent request, he did, for the purpose of securing the payment
of the sum already advanced, being then about $300, as well
aa the balance of said $800 agreed to be advanced and as a gua-
rantee for which Brannan delivered to him a note of a Boston
firm for $500, he executed the bill of sale of the 13th of
December, 1847; and to cure the defect therein, subsequently
executed that of the 11th of April, 1848. The other facts of
the case are sufficiently stated in the Chancellor's opinion.]
THE CHANCELLOR :
It being admitted in the answer of Brannan, that his pur-
pose in taking the bill of sale of the 13th of December, 1847,
was to obtain a security for money loaned and to be loaned
the grantor, I am of opinion that though the instrument is
absolute on its face, it must be considered as a mortgage.
Dougherty vs. McColgan, 6 G. & J., 275.
Being a mortgage in contemplation of equity, it has been
insisted that no effect can be given to it, and the grantee must
lose the benefit of the security, byreason of the provision con-
tained in the 2d section of the Act of 1825, ch. 203. But an
examination of that statute will show it to be entirely inappli-
cable to such a conveyance as this. This is not a conveyance
" which, by any other instrument or writing, appears to have-

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Reports of Cases in the High Court of Chancery of Maryland 1846-1854
Volume 200, Volume 3, Page 522   View pdf image (33K)
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