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Mutual Life Insurance Company v. Aldrich

Appellate Division of the Supreme Court of New York, Second Department
Oct 1, 1899
44 App. Div. 620 (N.Y. App. Div. 1899)

Opinion

October Term, 1899.


Judgment affirmed, with costs.


This action is brought to foreclose a mortgage. The mortgage was, by its terms, long past due. The owner of the equity of redemption interposes as a defense an agreement whereby, for sufficient consideration, the time for the payment of the principal was postponed indefinitely, so long as the semi-annual payments of interest were made regularly. When the appellant's grantor was about to acquire title to the mortgaged premises, negotiations occurred between him and the plaintiff, in the course of which the appellant claims the agreement pleaded was entered into between the parties. It is unnecessary to review the evidence of the parties as to what agreement was made between them, for subsequently the appellant's grantor executed a bond to the plaintiff, whereby, in consideration of the extension of the time for the payment of the mortgage for a period of six months, he assumed such payment. All negotiations or agreements between the parties were merged in this sealed contract, the effect of which cannot be varied by parol. After the time for the payment of the mortgage prescribed in the new bond had passed, it is claimed that a new agreement was made for an extension of the time of payment. It is equally unnecessary to review the evidence on this question, for the plaintiff received no consideration for such an extension. An agreement to pay a debt past due at a subsequent time, and also interest upon the debt up to that time, is not a sufficient consideration for an agreement to extend the time for the payment of the debt. ( Olmstead v. Latimer, 158 N.Y. 313.) The judgment appealed from should be affirmed, with costs. All concurred.


Summaries of

Mutual Life Insurance Company v. Aldrich

Appellate Division of the Supreme Court of New York, Second Department
Oct 1, 1899
44 App. Div. 620 (N.Y. App. Div. 1899)
Case details for

Mutual Life Insurance Company v. Aldrich

Case Details

Full title:The Mutual Life Insurance Company of New York, Respondent, v. Spencer…

Court:Appellate Division of the Supreme Court of New York, Second Department

Date published: Oct 1, 1899

Citations

44 App. Div. 620 (N.Y. App. Div. 1899)
60 N.Y.S. 195

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