New York Supreme Court May 15, 1885 (Durkee v. National Bank)

Landon, J.:

The plaintiff’s mortgage is prior in date and delivery, but subsequent in record to the defendant’s mortgage. The defendant, however, took its mortgage as collateral security for a precedent debt, then past due, and upon the facts in the casé is therefore not a purchaser in good faith and for a valuable consideration so as to entitle it to the protection of the recording act (1R. S.