38 N.J. Eq. 324 | New York Court of Chancery | 1884
The dispute between the parties litigant in this case is mainly as to a tender which the defendant Bragg says he made to the complainant on the 31st day of March, 1.882, of the principal, $3,975, then past due on two mortgages (those now in suit), one for $2,700 and the other for $1,275, which the latter held on his property. On the 29th of March, 1882, he paid the interest due up to April 1st, following. When he paid that money he expressed his intention to pay the principal and his readiness to do so, but had not all the money in cash. Part was in the form
William H. Johnson, a lawyer, testifies that about the middle
The effect of a tender, when lawfully made, is to discharge the debtor from subsequent interest. But to have this effect the amount tendered must be kept in readiness, and on bill to redeem or on plea or answer setting up the tender, the money must be paid into court. Shields v. Lozear, 7 C. E. Gr. 447. Where an offer is made to pay, the person offering having at hand at the time the money to make a lawful tender, and the creditor refuses to receive the money, it is a good tender. Add. on Cont. § 356.
It is clear, from the testimony, that the complainant, who is a man of business, knew that the object of the visit of Bragg to him on the 31st of March was to pay off the mortgages, and
The money was, immediately after the tender, deposited by Bragg and Apgar in the bank from which it had been taken, there to remain, so that the complainant might have it on delivering up the bonds and mortgages, and it remained there as such deposit, drawing no interest, up to the time when it was withdrawn in order that it might be paid into court. It was, indeed, deposited to the credit of Apgar, but the cashier would, in pursuance of his instructions on the subject, have paid it over to the complainant on application by him and the surrender of the bonds and mortgages. It appears to have remained there until October 8th, 1883, when it was withdrawn, and the next day, on the filing of the answer in this cause, was paid into this court. As before stated, Johnson swears that he told the complainant, about the middle or latter part of April, 1882, that the money was in the Clinton bank, and that he could have it whenever he would surrender the bonds and mortgages. In a letter written by Johnson to the complainant, dated December 12th, 1882, he said that the money was deposited in the bank, and that it was ready for him at any time. It matters not, however, in whose name the money was deposited. Bragg was only bound to have it ready to pay over to the complainant on demand, or within a