Kennion v. Kelsey
Supreme Court of Iowa
Appeal from Monroe District Court. AotioN for the interest due on a promissory note. The defendants in their answer set out a mortgage which they allege was executed cotemporaneously with the noto, and as a part of the same contract; that it was stipulated in said mortgage that the plaintiff’s remedy for the enforcement of the collection of said note should be and was limited to the mortgaged property; and that ho was not entitled to recover a general judgment on said note…
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Appeal from Monroe District Court. AotioN for the interest due on a promissory note. The defendants in their answer set out a mortgage which they allege was executed cotemporaneously with the noto, and as a part of the same contract; that it was stipulated in said mortgage that the plaintiff’s remedy for the enforcement of the collection of said note should be and was limited to the mortgaged property; and that ho was not entitled to recover a general judgment on said note against defendants. To this answer there was a demurrer which was sustained. Judgment for plaintiff, and defendants…
1Opinion of the CourtLowe, C. J.
In this case the note and mortgage wore executed simultaneously and make one contract. The mort*444gage contains the following stipulation: “but it is agreed that general execution shall not issue herein.” This covenant was incorporated-in the mortgage for some purpose. What was that purpose ? It seems to us that there can be but one answer given to this question. It is that the mortgagee should look to the land mortgaged alone for the satisfaction of his debt in case he resorted to any remedial process to enforce his claim. Under this contract he can never have a general execution, and therefore…
2Cited by8 opinions
- Des Moines Savings Bank v. ArthurSupreme Court of Iowa · 1913
- Boley v. Lake Street Elevated RailroadAppellate Court of Illinois · 1896
- McDonald v. Second National BankSupreme Court of Iowa · 1898
- Seieroe v. First National BankNebraska Supreme Court · 1897
- Weber v. Della Mountain Mining Co.Idaho Supreme Court · 1905
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