Kitchen v. Schuster
New Mexico Supreme Court
Appeal from the District Court for McKinley County before Ira A. Abbott, Associate Justice. A mortgagee who holds a mortgage only for the purpose of indemnity, has no such interest in mortgaged chattels as will permit him to meddle with them until such time as he shall have been damnified by having paid some portion of the debt for which he is bound as surety. C. L. 1897, secs. 2365, 2367, 2368; Chamberlain v. Railroad, 92 IT. S. 306; Jones Chat.
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Appeal from the District Court for McKinley County before Ira A. Abbott, Associate Justice. A mortgagee who holds a mortgage only for the purpose of indemnity, has no such interest in mortgaged chattels as will permit him to meddle with them until such time as he shall have been damnified by having paid some portion of the debt for which he is bound as surety. C. L. 1897, secs. 2365, 2367, 2368; Chamberlain v. Railroad, 92 IT. S. 306; Jones Chat. Mort., sec. 451; Bank v. Moore, 106 Cal. 673; Teal v. Walker, 111 IT. S. 242; Wicker v. Hoppoek, Wall. 99; Borum v. Reed, 73 Mo. 461; Shepard y.…
1Opinion of the Court
OPINION OF THE COURT.
POPE, J.
(After stating the facts.) The assignments of error are principally to the effect that a verdict should upon the testimony have been directed for the defendant. Specifying the former, it is urged first, that no right of action accrued because the sale of the cattle by Staring to Schuster did not amount to a breach of any condition of the bill of sale; second, that no right to maintain replevin accrued on Kitchen’s bill of sale until he was damnified by the payment of some part of the debt secured by it; third, tfyat the bill of sale was void not having been…
2Cases cited24 opinions
- United States v. Detroit Timber & Lumber Co.Supreme Court of the United States · 1906
- Welch v. SackettWisconsin Supreme Court · 1860
- Stonebraker v. FordSupreme Court of Missouri · 1884
- Russell v. ButterfieldNew York Supreme Court · 1839
- LaFayette County Bank v. Metcalf, Moore & Co.Missouri Court of Appeals · 1890
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- Bank of Commerce of Ralston v. GaskillSupreme Court of Oklahoma · 1914
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- Garrett Building Centers, Inc. v. HaleNew Mexico Supreme Court · 1981
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