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Trainor Co. v. Aetna Casualty & Surety Co., 290 U.S. 47 (1933)
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General SummaryThis case is from a collection containing the full text of over 16,000 Supreme Court cases from 1793 to the present. The body of Supreme Court decisions are, effectively, the final interpretation of the Constitution. Only an amendment to the Constitution can permanently overturn an interpretation and this has happened only four times in American history.
Trainor Co. v. Aetna Casualty & Surety Co., 290 U.S. 47 (1933)
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Trainor Co. v. Aetna Casualty & Surety Co. No. 13 Argued October 12, 1933 Decided November 6, 1933 290 U.S. 47
CERTIORARI TO THE CIRCUIT COURT OF APPEALS
FOR THE THIRD CIRCUIT
Syllabus
1. Upon default after partial performance of a building contract, the measure of damages recoverable by a mortgage-obligee on a bond guaranteeing completion, is the difference between the value, at the time of default, of the property with the building uncompleted and the value it would have had with the buildings completed, not exceeding, however, either the amount due on he mortgage or the amount of the bond. Pp. 53, 55.
So held although the value of the property with the buildings uncompleted at the time of the guarantor’s default, exceeded the sum of the mortgage and all prior liens, it appearing that the mortgage-obligee, because its mortgage was not then due, was unable to protect itself by foreclosure; that thereafter the property steadily declined in value, and that its interest was subsequently wiped out by foreclosure of a prior lien.
2. This is the settled rule in Pennsylvania. P. 53.
3. Even though the federal court, in determining questions of general law, may exercise an independent judgment, yet, for the sake of harmony and to avoid confusion, they will lean, where the question is balanced with doubt, towards an agreement of views with the state courts. A fortiori where the decisions of the state courts are plainly right. P. 54.
62 F.2d 487 reversed.
Certiorari, 289 U.S. 718, to review a judgment affirming a judgment of the District Court, 49 F.2d 769, awarding nominal damages in a suit on a guaranty bond.
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Chicago: U.S. Supreme Court, "Syllabus," Trainor Co. v. Aetna Casualty & Surety Co., 290 U.S. 47 (1933) in 290 U.S. 47 290 U.S. 48–290 U.S. 51. Original Sources, accessed November 22, 2024, http://originalsources.com/Document.aspx?DocID=J83KPVQSWXSF6ZS.
MLA: U.S. Supreme Court. "Syllabus." Trainor Co. v. Aetna Casualty & Surety Co., 290 U.S. 47 (1933), in 290 U.S. 47, pp. 290 U.S. 48–290 U.S. 51. Original Sources. 22 Nov. 2024. http://originalsources.com/Document.aspx?DocID=J83KPVQSWXSF6ZS.
Harvard: U.S. Supreme Court, 'Syllabus' in Trainor Co. v. Aetna Casualty & Surety Co., 290 U.S. 47 (1933). cited in 1933, 290 U.S. 47, pp.290 U.S. 48–290 U.S. 51. Original Sources, retrieved 22 November 2024, from http://originalsources.com/Document.aspx?DocID=J83KPVQSWXSF6ZS.
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