Court of Appeals of New York
161 N.E. 428 (1928)
Petterson owned a property upon which the defendant owned a bond secured by a mortgage. The mortgage was payable to the defendant in quarterly installments, but the defendant offered to grant Petterson a $780 reprieve on the total mortgage if he paid it off in full by a certain date. Petterson went to defendant’s house with cash prepared to pay off the entire mortgage before the date. Before Peterson tendered any money, the defendant informed him that he had sold the mortgage to a third party and thus revoked his offer. Consequently, Petterson had to pay the third party the full price of the mortgage. The executrix of Petterson’s will (plaintiff) brought suit against the defendant for the $780 lost. The trial court found in favor of the executrix and the appellate court affirmed. The defendant appealed.
Rule of Law
Holding and Reasoning (Kellogg, J.)
Dissent (Lehman, J.)
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