In re Coster

Decided June 13, 1817

New York Court of Chancery · decided 1817-06-13

THE petitioner stated, that on the 18th of April last, he purchased the building called Washington Hall, under a decree of this Court. That Isaac Sebring, and four other persons, as trustees of the stockholders of the said hall, mortgaged the premises to Henry A. Coster, to secure the payment of a bond executed by the said Isaac Sebring, for the payment of 25,000 dollars. That the trustees mortgaged the premises to John Van Vechten, for the use and indemnity of Sebring.

Cited by 3 later decisions — most recently February 1885

3 state decisions

Good law ✅— No negative treatment on recordhow we know

Decided 1817-06-13

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The Chancellor.

¶1The obligor, having discharged his bond, is entitled to have it delivered up and cancelled. Neither the obligee, nor any other person, is entitled to retain it, for their convenience, without his assent. As there is no objection by the mortgagee to the assignment of the mortgage, the petitioner may take it; but the bond must be delivered up to the obligor, to whom it now belongs; and, if it had been insisted, the mortgage must have, also, been delivered up to him. A third person, discharging a bond and mortgage for his own safety, may be substituted, but when the maker discharges them, he is clearly entitled to have the instruments cancelled. The prayer of the petition is so far denied.

¶2Petition denied.