Source: https://chestofbooks.com/real-estate/Law-Of-Real-Property/Assignment-Of-The-Mortgage.html
Timestamp: 2019-04-19 00:54:22+00:00

Document:
(a) It must be by deed.
(b) The mortgage debt must accompany the mortgage.
(c) The assignee takes the mortgage subject to the same equities as he takes the mortgage debt, and no other.
128. On the death of the mortgagee before foreclosure, his interest goes to his personal representative.
129. Before foreclosure the mortgagee's interest is not subject to attachment or sale on execution.
214 Dunning v. Bank, 61 N. Y. 497; Fliess v. Buckley, 22 Hun (N. Y.) 551.
215 Atkins v. Sawyer, 1 Pick. (Mass.) 351; Fitch v. Pinckard, 5 111. 69. And Bee Bernstein v. Humes, 71 Ala. 260.
216 Gushing v. Hurd, 4 Pick. (Mass.) 253; Seaman v. Hax, 14 Colo. 536, 24 Pac. 461.
217 Young v. Ruth, 55 Mo. 515; Goring's Ex'x v. Shreve, 7 Dana (Ky.) 64; Tice v. Annin, 2 Johns Ch. (N. Y.) 125; Washburn v. Goodwin, 17 Pick. (Mass.) 137. Contra, Cottingham v. Springer, 88 111. 90.
218 Clinton Nat. Bank v. Manwarring, 39 Iowa, 281; Turner v. Watkins, 31 Ark. 429. But see Gibson v. Hough, 60 Ga. 588; Phinizy v. Clark, 62 Ga. 623.
219 A mortgage of indemnity cannot be assigned until the mortgagee has paid the debt. Abbott v. Upton, 19 Pick. (Mass.) 434; Wallace v. Goodall, 18 N. H. 439; Jones v. Bank, 29 Conn. 25. Contra, Carper v. Munger, 62 Ind. 481; Murray v. Porter, 26 Neb. 288, 41 N. W. 1111.
220 Ex parte Blair, 13 Metc. (Mass.) 126; Ladd v. Wiggin, 35 N. H. 421; Crooker v. Jewell, 31 Me. 306.
221 Warden v. Adams, 15 Mass. 233; Torrey v. Deavitt, 53 Vt 331. But see Kinna v. Smith, 3 N. J. Eq. 14.
222 Adams v. Parker, 12 Gray (Mass.) 53. A mere delivery of the mortgage deed, unaccompanied by the note secured, is not an assignment. Bow-its v. Johnson, 49 N. Y. 432; Merritt v. Bartholick, 36 N. Y. 44.
223 Anderson v. Bank, 98 Mich. 543, 57 N. W. 808; Harrison v. Yerby (Ala.) 14 South. 321; Hunt v. Mortgage Security Co., 92 Ga. 720, 19 S. E. 27. Cf. Gray v. Waldron, 101 Mich. 612, 60 N. W. 288; Geiger v. Peterson, 164 Pa. St. 352, 30 Atl. 262.
224 Irish v. Sharp, 89 111. 261.
225 Black v. Reno, 59 Fed. 917; Whipple v. Fowler, 41 Neb. 675, 60 N. W. 15; Parker v. Randolph, 5 S. D. 549, 59 N. W. 722. And see Cutler v. Clem-entson, 67 Fed. 409.
226 Union Mut Life Ins. Co. v. Slee, 123 111. 57, 12 N. B. 543; Mcsorley v. Larissa, 100 Mass. 270; Wyman v. Hooper, 2 Gray (Mass.) 141. So part of the mortgage debt may be assigned, and with it all of the mortgage. Lang-don v. Keith, 9 Vt. 299. In several states where notes secured by a mortgage are assigned successively, the one first due has the first right to the mortgage security. Horn v. Bennett, 135 Ind. 158, 34 N. E. 956; Stanley v. Beatty, 4 Ind. 134; Grapengether v. Fejervary, 9 Iowa, 163; Wood v. Trask, 7 Wis. 566. Contra, Cullum v. Erwin, 4 Ala. 452; State Bank v. Mathews, 45 Neb. 659, 63 N. W. 930; Bartlett v. Wade, 66 Vt. 629, 30 Atl. 4; First Nat. Bank v. Andrews, 7 Wash. 261, 34 Pac. 913.
227 Bailey v. Gould, Walk. (Mich.) 478; Merritt v. Bartholick, 36 N. Y. 44; Aymar v. Bill, 5 Johns. Ch. (N. Y.) 570; Swan v. Yaple, 35 Iowa, 248; Peters v. Bridge Co., 5 Cal. 335; Johnson v. Cornett, 29 Ind. 59; Thayer v. Campbell, 9 Mo. 280.
228 Philips v. Bank, 18 Pa. St. 394. But see Fletcher v. Carpenter, 37 Mich. 412. And cf. Johnson v. Clarke (N. J. Ch.) 28 Atl. 558; State Bank v. Mathews, 45 Neb. 659, 63 N. W. 930.
If the mortgagee dies before foreclosure, his interest goes to his.
229 Larned v. Donovan, 31 Abb. N. C. 308, 29 N. Y. Supp. 825; Jenkins v, Wilkinson, 113 N. C. 532, 18 S. E. 696; Gumbel v. Boyer, 46 La. Ann. 762, 15 South. 84; Longfellow v. Mcgregor (Minn.) 63 N. W. 1032. But see Fitcb v. Mcdowell, 145 N. Y. 498, 40 N. E. 205.
230 Thomas v. Linn (W. Va.) 20 S. E. 878; Clark v. Jones, 93 Tenn. 639, 27 S. W. 1009.
231 Weed Sewing Mach. Co. v. Emerson, 115 Mass. 554.
232 pond v. Eddy, 113 Mass. 149.
233 Philips v. Bank, 18 Pa. St. 394. But see Smith v. Starr, 4 Hun (N. Y.) 123.
234 1 Jones, Mortg. (5th Ed.) § 831; French v. Turner, 15 Ind. 59.
235 Dutton v. Ives, 5 Mich. 515; Jones v. Smith, 22 Mich. 360; Taylor v. Page, 6 Allen (Mass.) 86; Kenicott v. Supervisors, 16 Wall. 452; Preston v. Case, 42 Iowa, 549; Farmers' Nat Bank v. Fletcher, 44 Iowa, 252; Swett v. Stark, 31 Fed. 858; Barnum v. Phenix, 60 Mich. 388, 27 N. W. 577; Helmer v. Krolick, 36 Mich. 371; Gould v. Marsh, 1 Hun (N. Y.) 566; Lewis v. Kirk, 28 Kan. 497. Contra, Scott v. Magloughlin, 133 111. 33, 24 N. E. 1030.
236 Mckenna v. Kirkwood, 50 Mich. 544, 15 N. W. 898; Fish v. French, 15 Gray (Mass.) 520; Owen v. Evans, 134 N. Y. 514, 31 N. E. 999. That in New York he takes it subject also to latent equities in favor of third persons, see Bush v. Lathrop, 22 N. Y. 535.
237 Corbett v. Woodward, 5 Sawy. 403, Fed. Cas. No. 3,223.
Personal representative,and it may be assigned or otherwise disposed of by the latter without an order of the court.238 The heirs of the mortgagee cannot sell the mortgage, nor can they foreclose it.239 Unless the mortgagee has acquired the mortgaged premises under a strict foreclosure, or has bid them in at a foreclosure sale, he has no interest which is subject to attachment, or to a sale on execution. The same is true of a beneficiary under a deed of trust.240 This is because the mortgage is a mere incident to the mortgage debt The creditor's remedy is against the mortgage debt, which is the principal thing.

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