New York Court of Appeals
The Trustees of Union College, Appellants v. William H. Wheeler
September 5, 187461 N.Y. 88
Summary
The New York Court of Appeals affirmed the lower court's judgment, holding that the mortgage was subordinate to the rights of purchasers under contracts of sale, that the assignee of the mortgage took subject to those equities, and that releases of parcels sufficient to satisfy the debt discharged the mortgage as to those parcels. Justice 030concurrence concurred, emphasizing the trust relationship and the assignee's obligations.