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Mutual Life Insurance Co. v. Newton
United States Supreme Court
89 U.S. 32. (1874)
- Written by Josh Lee, JD
Facts
Newton (defendant) borrowed $8,000 from Mutual Life Insurance Co. (Mutual) (plaintiff). The debt was secured by a bond and by a mortgage on Newton’s property. Later, Mutual foreclosed on the property, which left $3,877.53 still due. Mutual obtained a decree from the court of chancery that Newton owed the remaining amount as a deficiency. Mutual then filed an action seeking a judgment at law for the deficiency amount. Newton filed a motion to strike the plea and argued that the judgment in equity precluded any subsequent actions at law.
Rule of Law
Issue
Holding and Reasoning (Reed, J.)
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