Johnson v. Carpenter
Supreme Court of Minnesota
APPEAL FROM THE DISTRICT COURT OF HENNEPIN COUNTY. I. — A mortgage is not, and cannot be negotiable. It bas not a single attribute or peculiarity of negotiable paper. To be negotiable, an instrument “must be a simple, general, mere promise to pay.” 1 Am. Lead. Gas., 805. The liability to pay must be personal and absolute, and the instrument must 'be payable at all events, and at some time which must certainly come.” 1 Am. Lead.
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APPEAL FROM THE DISTRICT COURT OF HENNEPIN COUNTY. I. — A mortgage is not, and cannot be negotiable. It bas not a single attribute or peculiarity of negotiable paper. To be negotiable, an instrument “must be a simple, general, mere promise to pay.” 1 Am. Lead. Gas., 805. The liability to pay must be personal and absolute, and the instrument must 'be payable at all events, and at some time which must certainly come.” 1 Am. Lead. Oases, 309. “It must be payable in money only, and cannot be for the payment of money and tbe performance of some other acts.” 1 Am. Leading Gas., 815/ 16 Barb., 643;…
1Opinion of the Court
By the Qourt
Elardrau, J.
On the 17th of December, 1855, John McKenzie gave a mortgage on the premises in question, to John Osborne, for $207, payable in three years, with interest at thirty per cent, per annum, which mortgage was to secure a negotiable promissory note of same date and amount, and due at the same time. The mortgage was recorded February 19, 1856.
On the 4th day of June, 1856, said McKenzie executed to said Osborne a second mortgage on the same premises, to secure the payment of another promissory note for $370, due in one year, with interest at twenty-five per cent, per annum.
On…
2Cases cited2 opinions
- Croft v. BunsterWisconsin Supreme Court · 1859
- Cornell v. HichensWisconsin Supreme Court · 1860
3Cited by16 opinions
- White v. MillerSupreme Court of Minnesota · 1893
- Brooke v. StruthersMichigan Supreme Court · 1896
- Burhans v. HutchesonSupreme Court of Kansas · 1881
- Lewis v. KirkSupreme Court of Kansas · 1882
- Hostetter v. AlexanderSupreme Court of Minnesota · 1876
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