Pierce v. Shaw
Wisconsin Supreme Court
APPEAL from the Circuit Court for Vernon County. Foreclosure of a mortgage. The case is thus stated by Mr. Justice Oetoh: “ The defendant Betsey Shaw, on the first day of October, 1875, gave to the plaintiff her three promissory, notes, each for the sum of $306, payable respectively in one, two and three years from date, with ten per cent, interest, payable annually; and at the same time she gave her promissory note to one William B. Kendall for the sum of $382, payable four…
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APPEAL from the Circuit Court for Vernon County. Foreclosure of a mortgage. The case is thus stated by Mr. Justice Oetoh: “ The defendant Betsey Shaw, on the first day of October, 1875, gave to the plaintiff her three promissory, notes, each for the sum of $306, payable respectively in one, two and three years from date, with ten per cent, interest, payable annually; and at the same time she gave her promissory note to one William B. Kendall for the sum of $382, payable four years from date, with ten per cent, interest, payable annually; and the defendant Sylvanus S. Shepard became the owner…
1Opinion of the CourtOetoN, J.
The only question is, whether there was a correct application of the mortgage moneys by the judgment. *318The general rule, and the one which has been recognized by several decisions of this court, is, that where a mortgage is given to secure several notes or installments belonging to different persons, the proceeds of the mortgage should be applied first to the payment of the notes or installments first falling due, and so in their order according to the time of their maturity. This rule seems to be supported on the ground that the several holders of such notes or installments are separate and…
2Cases cited4 opinions
- Church v. SmithWisconsin Supreme Court · 1876
- Marine Bank v. International BankWisconsin Supreme Court · 1859
- Wood v. TraskWisconsin Supreme Court · 1859
- Lyman v. SmithWisconsin Supreme Court · 1867
3Cited by9 opinions
- Lovell v. GossSupreme Court of Colorado · 1909
- Central Trust Co. v. Meridian Light & Ry. Co.Mississippi Supreme Court · 1913
- Shaw v. Crandon State BankWisconsin Supreme Court · 1911
- Leavitt & Johnson v. ReynoldsSupreme Court of Iowa · 1890
- Freeman v. ElliottMissouri Court of Appeals · 1891
4 more not listed; retrieve them via the Exa API.