Penzel v. Brookmire
Supreme Court of Arkansas
APPEAL from Yell Circuit Court. G. S. Cunningham, Judge. We submit that when West Brothers assigned to Hall & Carter, attorneys for Charles F. Penzel, the note first due, they assigned the mortgage pro tanto and not pro rata. This is the equitable rule as between assignor and assignee, and if at a later date, West Brothers transferred the remaining two notes to appellees, such transfer could not affect the right of appellants.
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APPEAL from Yell Circuit Court. G. S. Cunningham, Judge. We submit that when West Brothers assigned to Hall & Carter, attorneys for Charles F. Penzel, the note first due, they assigned the mortgage pro tanto and not pro rata. This is the equitable rule as between assignor and assignee, and if at a later date, West Brothers transferred the remaining two notes to appellees, such transfer could not affect the right of appellants. Parkhurst et. al. v. Watertown Steam Co., supreme court of Indiana, October 14th, 1886. The notes have preference according to the date of their maturity. State Batik…
1Opinion of the CourtBattle, J.
On the 16th of March, 1885, James Quigel executed to West Brothers three promissory notes, one for $150 due on the 16th of June, 1885, one for $125 due on the 16th of August, 1885, and the other for $116 due on the 16th of November, 1885, and at the same time executed a mortgage to secure their payment. On the 17th of March, 1885, West Brothers transferred the note for $150 to Charles F. Penzel, and thereafter transferred the one for $125 to H. Friedlander & Son, as collateral to secure a debt, and the one for $116 to Brookmire, Rankin & Scudder. After the maturity of the first two notes,…
2Cases cited21 opinions
- Grattan v. WigginsCalifornia Supreme Court · 1863
- Cullum v. ErwinSupreme Court of Alabama · 1842
- Vansant v. AllmonIllinois Supreme Court · 1859
- State Bank v. TweedyIndiana Supreme Court · 1847
- Mitchell v. LadewSupreme Court of Missouri · 1865
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3Cited by13 opinions
- Lawson v. WarrenSupreme Court of Oklahoma · 1912
- Domeyer v. O'ConnellIllinois Supreme Court · 1936
- Kissire v. Plunkett-Jarrell Grocer Co.Supreme Court of Arkansas · 1912
- Bank of Fayetteville v. LorweinSupreme Court of Arkansas · 1905
- Hoehler v. W. B. Worthen Co.Supreme Court of Arkansas · 1922
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