2 Or. 182 | Or. | 1866
The questions for decision by this court are these: 1st. What effect is to be allowed to these mortgages respectively, and relatively, to each other. 2d. What relation do the parties to this decree sustain to each other, and to the property involved. 3d. Had Wood a right to redeem; and if so, what estate, and upon what terms.
Chavener insists that his mortgage is a valid lien, prior to that of Wood, upon the whole lot, as well as upon the interest of H. H. Haines; and claims a full payment of his debt out of the proceeds of the property; although, on account of being the purchaser, he does not appeal from the decree of the court below. Wood, on the other hand, insists that Chavener’s mortgage is only an equitable mortgage, and should be postponed as to the interest of both the Haines brothers to his own.
We are of opinion that neither of these claims is altogether just, or authorized by our statutes. Upon authority of the elementary writers, and of the cases adjudged, as well as upon the reasonable and consistent view of such transactions, we hold that a deed made by one partner, in the name of the firm, purporting to convey away the property of the firm is valid and effectual, as a conveyance of the interest of the partner, who, as in this case, has affixed Iris own name to the deed and personally acknowledged it, as well for himself as for the firm. The circumstance of undertaking to convey the estate of his copartners, and describing the granters, as well in the body of the deed as in the signature, as “ I D. Sames c& Bro.f does not change the fact that I. D. Haines signed, sealed and acknowledged the deed for himself; nor can it alter the manifest intention of the party to convey his own interest. Story on Part., secs. 91, 119, 120, and authorities there cited; 2 Hil. R. Est., ch. 84, secs. 10-11, and references; 9 Johns., 285 ; Statutes of 1855, p. 116, sec. 1. We think the. mortgage to Chavener was a good and sufficient conveyance of the legal estate of I. D. Haines in the property mortgaged, for the purposes mentioned in the instru
The object of a sale is to extinguish the specific lien upon the particular property sold by appropriating the property, or so much of it as is necessary to the payment of the debt. A purchase upon execution accomplishes this object, and divests the holder of the lien upon which execution issued, of any further claim; and by the purchase, a pur
Let the judgment be so modified.