Plant's Manufacturing Co. v. Falvey
Wisconsin Supreme Court
APPEAL from tbe Circuit Court for Racine, County. Action on a note executed by tbe defendants Falvey and Reilly, February 1st, 1859, at ten months, for $529. Answer, that on tbe 25th of November, 1860, Falvey sold, assigned and transferred to tbe plaintiff promissory notes and mortgages made by third parties, to tbe amount of about $2,000, in satisfaction and •payment of tbe claim set forth in tbe complaint, and of a certain other claim of tbe plaintiff against Falvey.
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APPEAL from tbe Circuit Court for Racine, County. Action on a note executed by tbe defendants Falvey and Reilly, February 1st, 1859, at ten months, for $529. Answer, that on tbe 25th of November, 1860, Falvey sold, assigned and transferred to tbe plaintiff promissory notes and mortgages made by third parties, to tbe amount of about $2,000, in satisfaction and •payment of tbe claim set forth in tbe complaint, and of a certain other claim of tbe plaintiff against Falvey. On tbe trial, after the plaintiff bad put in evidence tbe note sued on, and rested, Falvey, as a witness for tbe defendants,…
1Opinion of the Court
The following opinion was filed at the June term, 1865.
Downer, J.
The circuit court instructed the jury as follows : “If the collaterals were received simply as security or indemnity for the payment of the defendants’ notes, the one in suit amongst others, and without any agreement to collect such collaterals, or in any way to apply or use them, except to hold them as security for such debt, then the mere possession of such collaterals is no payment of the debt or defense to its col*204lection any further than the plaintiff has actually realized the money on the collaterals.” It is contended that…
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