125 N.Y.S. 592 | N.Y. App. Div. | 1910
Mrs. Fint, a surviving trustee under a will,' held two bonds and mortgages for Louise E. Hahe, and the plaintiff succeeding to the latter’s interest seeks in this and another similar action to foreclose them, and to cancel assignments thereof to Remsen, and later assignments through which Rhinehart claims title to them. Mrs. Fint had intrusted the securities- to Roélir, who was her own and'the lawyer for the estate, and by his act they were assigned to Remsen, and by the act of both and to pay their debt to Rhinehart they were assigned to .the Montauk Brewery Company. Rhinehart’s history of the transaction is as follows: “ Mr. Roehr was indebted to the Montauk Brewing Company in the sum of $'6,800. Mr. Roehr and Mr. Remsen were indebted to the Montauk Brewing Company to the extent of $6,800. They were transferred, or left with the Montauk Brewing Company, and transferred .to the’ American Malting Company in payment of a' debt that the Montauk Brewing Company then owed to them, as collateral security upon a note made on . the 4th or 5th of February, for four months, payable on the 5tli of June, 1907; and when that note came .due the corporation hadn’t the ffunds, and I-paid the amount of . the note of $6,000 and took an assignment of these mortgages.. I personally paid the debt of the Montauk Brewing Company and took over the collateral which they had. I did that to protect my interest in the Montauk Brewing Company. At the time when I paid my money to the American Malting Company and became the person invested
The judgment should be reversed and a new trial granted, costs to abide the final award of costs.
Woodwabd, Bioh and Cabe, JJ., concurred; Jems, J., dissented.
Judgment reversed and new trial granted, costs to abide the final award of costs. . . '