[DOWNLOAD] "Home Owners' Loan Corporation v. Baker" by Supreme Judicial Court of Massachusetts " eBook PDF Kindle ePub Free

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eBook details

• Title: Home Owners' Loan Corporation v. Baker
• Author : Supreme Judicial Court of Massachusetts
• Release Date : January 30, 1937
• Genre: Law,Books,Professional & Technical,
• Pages : * pages
• Size : 71 KB

Description

DOLAN, Justice. This is a suit in equity in which the plaintiff seeks to have the life estate of the defendant in certain real estate, situated in Dartmouth in the county of Bristol, decreed to be junior to its mortgage on the same property. The suit was heard by a Judge of the Superior Court on an agreed statement of facts and comes before us on appeal of the defendant from the final decree 'that the life estate of the defendant * * * be and hereby is declared junior to the lien held by the Home Owners' Loan Corporation on the said premises by virtue of its mortgage referred to in the said Bill of Complaint.' On July 8, 1926, the defendant, the owner of the real estate in question, gave a mortgage on the premises to the New Bedford Institution for Savings in the sum of $2,500, payable on demand with interest at 6 per cent. On February 8, 1933, she gave a second mortgage on said premises to Lemuel LeBaron Dexter in the sum of $625, also payable on demand with interest at 6 per cent. Both mortgages were duly recorded. On February 8, 1933, the defendant conveyed the premises by deed of that date to Elizabeth Laycock. The deed was duly recorded. By its terms the defendant reserved for herself and one Mary M. Dexter, since deceased, a life estate stated therein to be 'a right to use and occupy said premises for and during the term of their natural lives, or during the life of the survivor of the said two.' On September 25, 1933, said Elizabeth Laycock applied to the plaintiff for a loan to refinance the mortgage and other lien indebtedness on the premises, setting forth that the property was subject to the two mortgages before mentioned. 'Both mortgagees stated that they were unwilling to carry the loan any longer,' and the applicant Laycock stated that she could no longer meet the payments due thereon. The application was approved and a loan of $2,713.70 was granted to said Laycock. The plaintiff paid $1,599.50 to the first mortgagee and $651 to the second mortgagee in satisfaction of the amounts due from the defendant on account of principal and interest under the respective mortgages. It also paid $237.50 to the town of Dartmouth for taxes due on the premises for the years 1932 and 1933. The first and second mortgages were discharged on February 16, 1934, and the plaintiff at that time took from said Laycock a mortgage on the property to secure the payment of its loan. The title examiner of the plaintiff submitted to it a final certificate that its mortgage was a valid first lien on the property. The mortgage is for fifteen years at 5 per cent. interest, the principal and interest being payable in monthly instalments of $21.47. The balance of the loan was paid out as follows: Repairs, $199; expenses in connection with the placing of the mortgage, $26.70.

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