Boatmen's Savings Bank v. Grewe

This appeal was argued and submitted with the case of Gitchell v. Kreidler, ante, 472. The questions common to them both were considered in that case. The note secured by the deed of trust in this case, was assigned to the respondent more than one year before the tax suit was commenced. The trustee and the payees were made defendants but the respondent was not. It is well settled law that the assignment of the note carries the security. The assignee stands in the place of the payee. Neither the trustee nor the assignor can alone enter satisfaction of the mortgage debt. Generally the assignee…