Steinart v. Deuster
Wisconsin Supreme Court
APPEAL from the County Court of 3£il/wctulcee County. Eeplevin, for a stock of merchandise. Plaintiff claimed under a mortgage from one Fisher, to secure a promissory note for $1,000, money loaned by plaintiff to Fisher, which mortgage was filed in the clerk’s office, August 21, 1861, and contained a clause giving the mortgagee power to take possession, .whenever he should deem himself insecure.
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APPEAL from the County Court of 3£il/wctulcee County. Eeplevin, for a stock of merchandise. Plaintiff claimed under a mortgage from one Fisher, to secure a promissory note for $1,000, money loaned by plaintiff to Fisher, which mortgage was filed in the clerk’s office, August 21, 1861, and contained a clause giving the mortgagee power to take possession, .whenever he should deem himself insecure. Defendant claimed as sheriff, by virtue of an attachment against the property of said Fisher. There was proof at the trial of an oral arrangement between the parties to the mortgage, the nature of…
1Opinion of the CourtDixon, C. J.
The verbal agreement between the mortgagor and mortgagee, that the mortgagor was to retain possession of the goods and sell them in the regular course of his business as if no mortgage had been executed, and apply the proceeds to his own use in the support of his family and otherwise, makes the mortgage fraudulent in law, and void as to creditors of the mortgagor, the same as if the agreement had been in writing and inserted in the mortgage itself. The case in this particular is not distinguishable from Place v. Langworthy, 13 Wis. 629. The agreement was sworn to by the mortgagor, and not…
2Cases cited1 opinion
- Place v. LangworthyWisconsin Supreme Court · 1861
3Cited by12 opinions
- Horton v. WilliamsSupreme Court of Minnesota · 1875
- Anderson v. PattersonWisconsin Supreme Court · 1885
- Egan State Bank v. RiceCourt of Appeals for the Eighth Circuit · 1902
- Bank of Perry v. CookeSupreme Court of Oklahoma · 1895
- Eckman & Vetsburg v. MunnerlynSupreme Court of Florida · 1893
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