Court : US Supreme Court
Decided on : May-14-1894
..... record that the firm in liquidation was insolvent, or that sentell had no residuary interest in its assets. the presumption of interest resulting from the partnership remains until rebutted by averment or proof. sentell was therefore in the page 153 u. s. 486 position where he must be presumed to ..... so doing we find their intention was to make a divisible mortgage, such intention should be enforced. whether intention can be arrived at beyond the act of mortgage itself, where the party seeking to enforce the mortgage is the innocent third holder of negotiable paper, is a question upon which ..... ground. to evidence their obligations to pay the purchase price, they issued their separate notes for their respective shares and secured them by one act of mortgage upon the property. some of the purchasers paid their notes and others did not. foreclosure proceedings were commenced upon the unpaid notes ..... ," therefore not of its essence. the commentators on the code napoleon agree that indivisibility can be avoided even where the parties join in a common act of mortgage by stipulating that the mortgage is to be divisible. laurent, in his "principes de droit civil francais," thus states the rule: ..... and thus divide their said indebtedness, and to appear and sign, in their name, any page 153 u. s. 468 agreement, document, or notarial act carrying out said subrogation, with any clauses or conditions which said attorney may, in his discretion, deem fit; to enter into said arrangements with said mrs .....Tag this Judgment!