Blake v. Koons
Supreme Court of Iowa
Appeal from Wapello Oirouit Oourv. Action in equity to forclose a mortgage executed by defendant B. C. Koons to M. L. Koons, to secure seven promissory notes. The mortgage and notes were assigned by M. L. Koons to plaintiff’s intestate, in payment of an indebtedness, sucb assignment being made after the maturity of the notes.
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Appeal from Wapello Oirouit Oourv. Action in equity to forclose a mortgage executed by defendant B. C. Koons to M. L. Koons, to secure seven promissory notes. The mortgage and notes were assigned by M. L. Koons to plaintiff’s intestate, in payment of an indebtedness, sucb assignment being made after the maturity of the notes. It is alleged in the petition that the defendants Harmon and Madsen assert some claim to the mortgaged property, but that their claims are junior to that of plaintiff. Harmon alleged in a cross-petition that B. C. Koons was indebted to him for borrowed money which was…
1Opinion of the CourtReed, J.
1. Former Adjudication: Vendor’s lien: subrogation of surety upon paving note for purchase money. I. The note that Madsen signed as surety for B. C. Koons was given for part of the purchase price of the mortgaged premises, and was given before plaint-mortgage was executed. Judgment was subsequently rendered on the note against both Koons and Madsen, and that judgment was satis-geci by the sale of the property to Madsen. It is urged that the vendor had a lien on the premises for the unpaid purchase money, and, as Madsen paid the debt, he is now entitled, as against Koons, to be subrogated to…
2Cases cited1 opinion
- Crosby v. TannerSupreme Court of Iowa · 1874
3Cited by3 opinions
- Raymond v. WhitehouseSupreme Court of Iowa · 1903
- Theisen v. DaytonSupreme Court of Iowa · 1891
- Berry v. KrittenbrinkSupreme Court of Iowa · 1922