Casaccia

Merced Security Savings Bank v. Casaccia

Good Law
103 Cal. 641·1894 Cal. LEXIS 838·37 P. 648
Supreme Court of CaliforniaSeptember 1, 1894No. 18304California1,191 words

Opinion

lead Opinion

Temple, J.

This appeal is upon the judgment-roll. The action was brought to foreclose a mortgage. The answer is a plea in bar.

The court found, among other things, that on the twenty-ninth day of July, 1889, one Flanagan was indebted to plaintiff in the sum of $1,032.07, and to defendant Casaccia in the sum of $600. Casaccia then assumed the debt of Flanagan to plaintiff, and gave his note for the same, which was accepted by the bank. Casaccia at the same time took from Flanagan his note secured by mortgage for $1,632.07 which was then assigned to plaintiff as collateral security for Casaccia’s note for $1,032.07.

At the same time Casaccia executed another note to the bank for $400, secured by a mortgage upon land of his own. This was also intended as collateral security *643 for the note for $1,032.07 from Casaccia to the bank, and is the note and mortgage upon which this suit is brought.

The condition, then, was this: The bank held Casaccia’s note for $1,032.07, as collateral to secure it, a note and mortgage for $1,632.07, executed by Flanagan to Casaccia, and by him assigned to the bank, and a note of $400, secured' by mortgage executed by Casaccia to the. bank.

In May, 1893, the…

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