Carpenter v. Artisans' Savings Bank
Supreme Court of Minnesota
Plaintiffs brought this action in the district court for Cottonwood county, alleging, among other things, that a sale under a chattel mortgage was void, and praying that the actual value of the property sold ($750) be credited on the mortgage debt.
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Plaintiffs brought this action in the district court for Cottonwood county, alleging, among other things, that a sale under a chattel mortgage was void, and praying that the actual value of the property sold ($750) be credited on the mortgage debt. The action was tried by Perkins, J., whose findings on the matters involved in this appeal are in substance as follows: On March 6, 1886, the plaintiff Car-. penter employed the firm of Thompson & Day to procure for him a loan of $950 on real and personal security, and executed and left with them a note for that amount and a chattel mortgage and…
1Opinion of the Court
Gimtllan, G. J.
The only question in the case is on the validity of the foreclosure of the chattel mortgage. It is conceded by respondent that the defendant bank was the equitable owner of that mortgage; that it stood as security for the debt due it from Carpenter. Upon no other theory could the value of the mortgaged property be applied to satisfaction of the debt, for ordinarily a causé of action in Carpenter against the bank for converting property, not part of the securities held by it nor connected with the debt due, could not be set off against the debt. It appears also that Knoblauch,…
2Cases cited1 opinion
- Bottineau v. Ætna Life InsuranceSupreme Court of Minnesota · 1883
3Cited by7 opinions
- Jackson v. Mortgage Electronic Registration Systems, Inc.Supreme Court of Minnesota · 2009
- Bausman v. FaueSupreme Court of Minnesota · 1891
- Curtis v. CutlerCourt of Appeals for the Eighth Circuit · 1896
- Clark v. MitchellSupreme Court of Minnesota · 1900
- Kebasso v. BAC Home Loans Servicing, LPDistrict Court, D. Minnesota · 2011
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