Peugh v. Davis,
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113 U.S. 542 (1885)
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U.S. Supreme Court
Peugh v. Davis, 113 U.S. 542 (1885)
Peugh v. Davis
Argued January 27, 1885
Decided March 2, 1885
113 U.S. 542
In a suit in equity for redeeming unoccupied and unenclosed city lots from a mortgage, the mortgagee in constructive possession is chargeable only with the amounts actually received by him for use and occupation.
It would be unreasonable to charge him with interest on the loans secured by the mortgage.
Respondent defended against complainant's claim to redeem by setting up that the alleged mortgage was an absolute conveyance. This being decided adversely, held that, in accounting as mortgagee in constructive possession, he was not liable for a temporary speculative rise in the value of the tract, which subsequently declined -- both during the time of such possession.
The facts which make the case are stated in the opinion of the Court.