(Download) "Connecticut National Bank v. Chapman" by Supreme Court of Connecticut " eBook PDF Kindle ePub Free
eBook details
- Title: Connecticut National Bank v. Chapman
- Author : Supreme Court of Connecticut
- Release Date : January 01, 1966
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 63 KB
Description
This is an action brought by the plaintiff
to reinstate and foreclose a first mortgage
dated December 22, 1958, hereinafter referred
to as mortgage 1, which was released on December
11, 1961, in connection with another mortgage on
the same property taken by the plaintiff on December
11, hereinafter referred to as mortgage 2. The case was submitted on a stipulation of
facts. On December 22, 1958, the defendants Robert
H. and Teresa Nielsen, hereinafter referred to as
the Nielsens, were the owners of the subject
premises, which they mortgaged to the plaintiff to
secure a demand note for $19,000 with interest.
Thereafter on July 8, 1960, the Nielsens sold the
premises to Loring F. and Toy Chapman, hereinafter
referred to as the Chapmans, who assumed and
agreed to pay mortgage 1, which had then been
reduced to $18,205.44, and who gave the Nielsens
a second mortgage for $10,500, specifically
subject to mortgage 1. It was duly recorded. A
short time later, the plaintiff received an
insurance endorsement reflecting the change of
ownership and containing a mortgage clause setting
forth the fact that the Nielsens held a second
mortgage on the property. Subsequent insurance
policies delivered to the plaintiff also reflected
the Nielsen's mortgage. Thus, some department of
the plaintiff knew of its existence.