Page:Federal Reporter, 1st Series, Volume 3.djvu/790

 HAYDEN V. DBUBY. 783 �two encum'braiices, and by the deed from Daggett to Drury the latter agreed to assume and pay the said encumbrances, and that the said encumbrances formed a part of the consid- eration or the purchase prioe for the said premises, "whioh agreement was in the folio wing words : "Subjeet to a certain trust deed executed by Solomon Snow and Elizabeth L., bis wife, to E. C. Larned, trustee» to secure the payment of $28,000, dated July 28, 1875, due in five years from date, with interest at 10 per cent, per annum, payable semi-annu- ally, and also subjeet to another trust deed executed by Sol- omon Snow and wife to E. B. Bacon, to secure the payment of $12,000, dated July 28, 1875, due two and three years from date, with interest at 8 per cent, per annum, payable semi-annually, both of which said encumbrances the party of the secoùd part herein agreed to assume and pay." �The bUl further alleges a default in the payment of the interest due on the notes, which fell due April 28, 1877, which default, by the terms of said mortgage, allowed the holder of said notes to elect to declare the whole principal sum thereby secured, and the interest thereon, due and pay- able at once, and that such election bas been made. The bill further charged that the said Joseph E. Lockwood, to whom Solomon Snow indorsed said notes, on the first of November, 1876, for a valuable consideration to him in band paid, assigned and transferred said two notes to the com- plainant, who is now the legal owner and holder thereof. In the original bill the complainant prayed for a foreclosure of the mortgage and sale of the mortgaged premises, and in case the proceeds should not be sufficient to satisfy the amount due them, for a personal decree for the deficiency against the said defendant Drury. �Drury answered, admitting the making of the notes and the mortgage, the conveyance of the mortgaged premises from the mortgagor to William C. Snow, and from Snow to Daggett, and from. Daggett to himself ; and that the deed from Daggett to himself contained the clause of assumption as set out in the bill, but averred that there was no agree- ment between himself and Daggett that he should assume ����