Motor Finance Co. v. Wenzlaff

The facts are not in dispute. In 1919 and 1920, the Sioux Apartment Hotel was erected. It was owned and financed by the Sioux Holding Company. During the construction, the Sioux Holding Company executed a mortgage to the Metropolitan National Bank, of Minneapolis, as trustee, in the sum of $450,000. The mortgage also pledged the rents and profits, and provided for the appointment of a receiver for th.e property and the rents, issues, and profits thereof, in case of *315foreclosure. This mortgage was duly recorded in the book of mortgages, and was also indexed in the chattel mortgage records. On…