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36 Mass. 434

Abbott v. Upton

Massachusetts Supreme Judicial Court

Decided October 21, 1837

Massachusetts Supreme Judicial Court · decided 1837-10-21

<p>A mortgage of real estate was made to B., conditioned to pay him the contents of a promissory note payable on demand, signed by him as surety and by the mortgagor as principal, or indemnify him against his liability on the note. This note was afterwards taken up, a new note, signed by the mortgagor and other sureties, being given therefor. It was held, that the condition of the mortgage was saved, and consequently that no interest in the mortgaged premises remained in B. which could pass by his assignment of the mortgage.</p>

Decided 1837-10-21

Per Curiam.

¶1The substance of the condition of the mortgage declared on, was to indemnify Brigham against the payment of the note to Smith, signed by him as surety for J. Upton.' When that note was paid and discharged, Brigham was fully exonerated and indemnified ; he néver could be called on, and the condition was saved, and the defeasance took effect. And the Court are of opinion, that when the principal, Upton, gave a new note for a different sum, with other sureties, and with other collateral security to indemnify those sureties, Brigham was wholly exonerated and discharged, his interest in the mortgaged premises ceased by force of the defeasance, and nothing remained to pass by his assignment.

¶2 Plaintiff nonsuit

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