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Marshaling Of Mortgaged Property In Favor Of Subsequent Mortgagees, Edgar N. Durfee
Marshaling Of Mortgaged Property In Favor Of Subsequent Mortgagees, Edgar N. Durfee
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A holds a first mortgage covering two parcels of land, B holds a second mortgage covering one of these parcels, and C holds a second mortgage covering the other parcel, B's mortgage being prior in time to C's. B's mortgage contains the following clause--"The property described in the within indenture is subject to an existing blanket mortgage held by A, with release clause of $10 per front foot." Upon a bill to foreclose A's mortgage, how should the burden of that mortgage be distributed? In Savings Investment & Trust Co. v. United Realty & Mortgage Co., 94 Atl. 588, the …