Inland Trading Co. v. Edgecombe

The appellant, a junior mortgagee, instituted this action against its co-appellant, the mortgagor, and the respondent, a prior mortgagee, for the purpose of foreclosing a chattel mortgage on a quantity of wheat, alleged to be in the possession of respondent, and to secure an accounting. The respondent answered, admitting the possession of the wheat, setting forth his prior mortgage, the specific indebtedness secured by it, and certain enumerated advances made to the mortgagor subsequent to the execution of his mortgage, and alleging that the security is insufficient to satisfy the mortgage…