Bank of Ashippun v. Ells

The trial court held that plaintiff had waived its mortgage lien on the tractor and the evidence supports that conclusion. The bank permitted the tractor to be commingled with Bierman-Turnacliff’s other stock in trade without any mark indicating it was mortgaged property; it knew that it was necessary for Bierman-Turnacliff to sell its merchandise in order to remain in business; it checked the stock from time to time to see whether any of the mortgaged property had been sold. The note which the mortgage secured was due April 22, 1953. On July 7, 1953, by which time plaintiff knew that…