Leading Cases in Modern Equity (Paperback)

This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1888 edition. Excerpt: ...principal, interest, and costs under his security, including the costs, charges, and expenses of an abortive sale; (2) payment of what was due; (3) foreclosure or sale of the mortgaged property. The defence was that the mortgagee vendor had by his agent the auctioneer been guilty of negligence in the conduct of the sale in accepting for the deposit a cheque which was subsequently dishonoured, without first in quiring into the solvency or bona fides of the alleged purchaser, and the defendant further contended that the plaintifl' was not entitled to immediate payment, but that six months ought to be allowed from the date of the certificate finding the amount due. The first point was disposed of in the plaintilf's favour, the Court Payment of deciding that-the acceptance of a cheque for the deposit deposit by was the practice in 99 cases out of 100. " Persons can-hcentsq" not be expected to come to sales with large sums of money in their pocket, and, moreover, I am not prepared to say that a mortgagee vendor is bound to require a deposit at all from the bidder, for it is open to him to sell by private contract, in which case no deposit is, as a general rule, required. No doubt, the custom, which has almost the force of a rule, is to take a deposit on sales by auction, but it is an equally prevalent custom to take a cheque for the amount. " Sales conducted in the ordinary way are much more likely to succeed than those which are hampered by numerous and unusual restrictions. But the argument does not stop there, for it is said that the mortgagee is not entitled to these costs because the sale had become abortive by taking Peach's cheque. How did that render it abortive? If payment in cash.had been insiste