Merritt v. Niles
Illinois Supreme Court
This was an action of debt on a note for $337.60, with ten per cent, interest, given July 12th, 1851, by defendant below to plaintiff. Plea, general issue, payment, and notice that defendant would give in evidence under the general issue, that the note sued on was secured by certain mortgaged property, goods and chattels, which plaintiff took possession of in payment of said note.
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This was an action of debt on a note for $337.60, with ten per cent, interest, given July 12th, 1851, by defendant below to plaintiff. Plea, general issue, payment, and notice that defendant would give in evidence under the general issue, that the note sued on was secured by certain mortgaged property, goods and chattels, which plaintiff took possession of in payment of said note. It appeared in evidence that in the spring of 1851, one H. H. Horner took a mortgage from defendant below on a printing press and printing materials for the security of $281.60 ; that plaintiff below, on the 12th…
1Opinion of the CourtBreese, J.
The mortgagor of a chattel, having the right of possession for a definite period, has an interest which may be sold by execution. The purchaser under the execution acquires thereby, the right of possession and the absolute ownership, subject to the incumbrance.
Niles, in this case, was an incumbrancer prior to the execution, and so was Horner. Niles, by his purchase-under the execution, acquired the right of immediate possession of the property, and the absolute ownership also, subject only to his own and Horner’s incumbrance. By extinguishing these incumbrances, Niles became the absolute and…
2Cited by5 opinions
- State ex rel. McGrath v. CarrollMissouri Court of Appeals · 1887
- Rose v. PageMichigan Supreme Court · 1890
- Bronson v. American Type Founders Co.Appellate Court of Illinois · 1906
- Metzler v. JamesSupreme Court of Colorado · 1888
- People v. JohnsonAppellate Court of Illinois · 1884