Bank of the State v. Anderson
Supreme Court of Iowa
Appeal from Dubuque City Court. Anderson mortgaged liis real estate to Mobley, to secure certain negotiable notes. Before these notes were due, Mobley sold and transferred them to plaintiff, but did not assign the mortgage. After this Anderson paid these notes to Mobley, by conveying to him the mortgaged property, whereupon Mobley in his own name, satisfied, -by proper writing upon the margin of the record, the said incumbrance.
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Appeal from Dubuque City Court. Anderson mortgaged liis real estate to Mobley, to secure certain negotiable notes. Before these notes were due, Mobley sold and transferred them to plaintiff, but did not assign the mortgage. After this Anderson paid these notes to Mobley, by conveying to him the mortgaged property, whereupon Mobley in his own name, satisfied, -by proper writing upon the margin of the record, the said incumbrance. Subsequently Mobley borrowed money of the “Artisans’ Bank of New York,” and secured the same by mortgage on the same premises. Before taking this security the said…
1Opinion of the CourtWeight, J.
The question to be determined is, which mortgage is the prior lien upon the property. Both parties claim to be innocent, and we are to settle their respective rights upon general principles and such aid as we can derive from the provisions of our Statute.
The transfer of the note to plaintiff carried with it as an equitable incident, the mortgage given to secure the same. That this is true as between the immediate parties to the transfer, there is no controversy. But a pertinent inquiry is, whether this is'equally true as to third persons who bad no notice of it, to the extent that they -were…
2Cases cited5 opinions
- Fassett v. . SmithNew York Court of Appeals · 1861
- Porter v. GreenSupreme Court of Iowa · 1857
- Wilson v. ArnoldMichigan Supreme Court · 1858
- Pratt v. Bank of BenningtonSupreme Court of Vermont · 1838
- White v. HamptonSupreme Court of Iowa · 1862
3Cited by33 opinions
- Reeves v. HayesIndiana Supreme Court · 1884
- Whipple v. FowlerNebraska Supreme Court · 1894
- Kenosha Stove Co. v. SheddSupreme Court of Iowa · 1891
- Lewis v. KirkSupreme Court of Kansas · 1882
- Howard v. ShawWashington Supreme Court · 1894
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