Cochran v. Jones & Oglesby

An instrument was executed in the form of a note and mortgage to secure payment of the purchase-price of two mules. The instrument obligated the purchaser to pay $25 per month until the whole amount should be paid. It contained the further stipulation: “I or we insure the good condition and safekeeping of said property, and will pay if it be lost, damaged, or destroyed, and, if live stock, will pay though it may die. I or we assume said risk in consideration of the credit extended, and purchase the property on my or our own judgment.” One of the mules died. The mortgage was foreclosed and the…