Vogan v. Caminetti (1884) · DecisionDepot

Vogan v. Caminetti

Name: California Superior Court Tentative Rulings
Creator: DecisionDepot
License: https://creativecommons.org/licenses/by-nc/4.0/

California Supreme Court Jul 26, 1884 No. No. 9,223Published

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Holding. The court held that a mortgage intended to indemnify a party for liabilities incurred on another's account is limited to the amount actually paid by the mortgagee to satisfy those liabilities, plus interest.

Issues

Whether the amount of a mortgage and note serves as the measure of recovery or merely limits the extent of security for indemnification.
What is the proper amount for which judgment should be rendered upon the foreclosure of an indemnity mortgage.

Disposition. Affirmed

Quotations verified verbatim against the opinion

“the amount of the mortgage and note served only to limit the extent of the security.”

“the amount for which judgment was rendered was, properly, the amount the mortgagee had paid under the liability for which he was secured, with interest from the day of payment.”

Synopsis

Pbomissoby Note—Mobtgage—Ihdehnity.—A note and mortgage for a definite sum of money, but intended as security to the mortgagee for advances on account of the mortgagor, can only be enforced to the extent of such advances.

The Court. The object of the transaction between the deceased Vogan and the deceased Shipman being to indemnify Vogan for the liabilities he had incurred and might incur on Shipman’s account, the amount of the mortgage and note served only to limit the extent of the security. Upon the foreclosure of that mortgage, the amount for which judgment was rendered was, properly, the amount the mortgagee had paid under the liability for which he was secured, with interest from the day of payment. (Jones on Mort. vol. 1, § 384.)

Judgment and order affirmed.

Vogan v. Caminetti

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