McMillan v. Richards
California Supreme Court
9 Cal. 365 (1858)
The California Supreme Court consolidated a trio of cases that hinged on the various rights of mortgagors and mortgagees concerning a piece of real property in Marin County. In adjudicating the various claims, the court addressed whether the disparate treatment of mortgages under legal versus equitable doctrines was tenable. In particular, the court considered whether a mortgage is properly viewed as a conditional conveyance of real property, as it was characterized under traditional common law, or as merely a lien on the property, as it was characterized by courts of equity.
Rule of Law
Holding and Reasoning (Field, J.)
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