Case ID: ohio-law-abs_5/html/0781-01.html
Source: Caselaw Access Project
Author: {"author": "JONES, J.", "license": "Public Domain", "url": "https://static.case.law/"}
Date Created: 2024-08-24T03:29:51.129683

No. 857
    GRANT v. KINNEY
    Ohio Supreme Court
    No. 20589.
    Decided Nov. 30. 1927.
    787. MORTGAGES. — Where purchaser of mortgaged premises then under forclosure agrees verbally with a second mortgagee, that if the latter will make certain payments, agreement held to be original, and within statute of frauds.
   JONES, J.

A holder of a second mortgage instituted proceedings for its foreclosure. Thereafter and while the foreclosure was pending. Grant, a purchaser acquiring the mortgaged premises, verbally agreed with the second mortgagee, that, if the latter would dismiss pending suit, pay the cost thereof and credit the second moitgag e notes with interest then accrued thereon, he, Grant, would pay the mortgagee the principal of an overdue mortgage note amounting to $500.00, and would assume the balance of the mortgage indebtedness with interest from the date of the mortgage indebtedness: Held; that such verbal promise made to the mortgagee was an original and not a collateral promise; it was made upon a sufficient consideration subserving a pecuniary purpose involving a benefit to the promisor and was within the statute of frauds.

Judgment affirmed.

(Marshall, CJ., Day, Allen, Kinkade and Matthias, JJ., concur.)