Ross v. Barker
Nebraska Supreme Court
Error from tbe district court of Douglas county. Tried below before Ferguson, J. The district court erred in holding that when a note and mortgage are assigned as collateral security, and upon default the assignee or pledgee forecloses without making his principal debtor a party and bids in the property in his own name, it may be considered by the debtor as an absolute purchase, and he is entitled to have the amount of the bid credited upon his indebtedness.
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Error from tbe district court of Douglas county. Tried below before Ferguson, J. The district court erred in holding that when a note and mortgage are assigned as collateral security, and upon default the assignee or pledgee forecloses without making his principal debtor a party and bids in the property in his own name, it may be considered by the debtor as an absolute purchase, and he is entitled to have the amount of the bid credited upon his indebtedness. (Colebrooke, Collateral Securities 330; First Fat. Bank of Jeffersonville, Ind., v. Ohio Falls Gojt & Locomotive Works, 20 Fed. Rep. 65;…
1Opinion of the CourtHarrison, C. J.
It appears herein that on or about May 25,1887, George E. Barker, Frank B. Johnson, and Robert Garlichs borrowed from Reuben Ross, a resident of New York state, the sum of $100,000, and to evidence the indebtedness created by the transaction executed and delivered to him their promissory note. As security for the payment of the amount of the loan certain promissory notes and the real estate mortgages, by which their payments were secured, were transferred by the parties borrowers to the loaner and payee of the principal note. There were about 300 of the notes which were indorsed and delivered…
2Cases cited4 opinions
- Haas v. Bank of CommerceNebraska Supreme Court · 1894
- Hartlep v. ColeIndiana Supreme Court · 1889
- Wachsmuth v. Orient InsuranceNebraska Supreme Court · 1896
- Wiley v. SharsNebraska Supreme Court · 1887
3Cited by11 opinions
- First National Bank of Sheridan v. Citizens' State Bank of DubuqueWyoming Supreme Court · 1902
- Bruch v. Benedict Barnes Bros.Wyoming Supreme Court · 1946
- State ex rel. Sorensen v. Mitchell Irrigation DistrictNebraska Supreme Court · 1935
- Henley v. Live Stock National BankNebraska Supreme Court · 1934
- Cottonwood Sheep Co. v. MurphyWyoming Supreme Court · 1935
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