Reports of Cases in Chancery, Argued And Determined in the Rolls ..., volume 26

Cover Reports of Cases in Chancery, Argued And Determined in the Rolls ..., volume 26
Reports of Cases in Chancery, Argued And Determined in the Rolls ..., volume 26
Charles Beavan, Baron Henry Bickersteth Langdale, Baron John Romilly Romilly, Chaloner William Chute
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4" G. 525.
(6) 6 if. L. Ca$. 672. (c) 6 De G., M. fy G. 1.
(c) 8 Term Rep. 67.
Digiti zed by Google CASES IN CHANCERY. 553 of a mortgage. The Defendants insist that they haTe 18fi9, a right to detain these deeds by reason of their having ^^ another incumbrance upon the land of the mor^gors. Mayor, &e. d The state of the case is shortly this :— The first mort- "^ gage, for 760/., was made in 1835, and was not affected Sbtmoue.
by the Municipal Corporation Act, which passed in the same year. By t
...his mortgage, a sum of 750/., advanced by Mr. Vauffhan, was secured upon the corporate pro- perty. In 1840, this mortgage was transferred to Mrs.
Payne. With respect to the validity of that mortgage, no question arises. On the same day, in 1840, a second and separate and distinct mortgage, for 1,500/., was made to Mrs. Payne. I do not go into any question respecting the rights of the debenture or bond holders under the Market Act; but in De Wintonv, The Mayor of Brecon^ I held that this second mortgage was invalid^ that, by the 94th section of the Municipal Corporation Act, a corporation was prohibited from raising money upon their property, and that the 83rd section of the Market Act confirmed and established that prohibition with respect to this property.


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