GARRISON, V. C.
Bill by John Holt against the Metropolitan Mercantile & Realty Company and Charles E. Toney, and by Charles E. Toney against the Metropolitan Mercantile & Realty Company and John Holt.
Decree for the Metropolitan Mercantile & Realty Company for $409.49, on payment of which by Holt he is to receive a deed for the land in controversy, with a satisfaction of a mortgage to Toney.
T. A. Spraggins, of Jersey City, for the application.
GARRISON, V. C. Prior to the time that the Metropolitan Mercantile & Realty Company made its so-called mortgage to Toney Holt had defaulted in his payments under his contract, and therefore, under the terms of the contract, the Metropolitan Company was entitled to call upon him to pay immediately all the said to be paid installments. So now figured up, this amounts to more than the $409.49, which Toney then figured that the Metropolitan Company (and since the assignment or transfer) to him, he himself was entitled to. That sum will be taken, because Toney is willing to stand for that sum, and it is to his detriment, because he is really entitled to more by a few dollars. He, of course, is therefore entitled to interest on that sum from that date in September, 1910, when it became payable to him. Under these circumstances, equity will be done in this suit, if a decree is made of this character; that the amount that was due the Metropolitan Mercantile & Realty Company (and since the transfer to Toney) under the contract between the Metropolitan Company and Holt is fixed at $409.49 on the 16th of September, 1910, and that the amount now due is that sum with interest from that date, and that upon Holt's paying that sum he shall receive a deed from the Metropolitan Company for the amount in question, together with a satisfaction of the Toney mortgage, and it may possibly be some other relief in the decree; that is, that the decree shall operate a certain day in case the dissolution of the company makes any difference. Let Mr. Spraggins draw a decree along that line, and submit it to Mr. Mackay, with a notice that he is going to have the decree signed on a certain day, and I will then hear the parties.