Lyman v. Smith
Wisconsin Supreme Court
APPEAL from the Circuit Court for Sheboygan County. Eoreclosure of a mortgage. On the 21st of September, 1858, the defendant Jenkins executed two promissory notes, one for $90, payable one year from date, and the other for $100, payable two years from date, both bearing interest, and secured by a mortgage to the payee of the same date.
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APPEAL from the Circuit Court for Sheboygan County. Eoreclosure of a mortgage. On the 21st of September, 1858, the defendant Jenkins executed two promissory notes, one for $90, payable one year from date, and the other for $100, payable two years from date, both bearing interest, and secured by a mortgage to the payee of the same date. The mortgagee subsequently transferred the first note to the plaintiff, with a corresponding interest in the mortgage; and afterwards transferred the second note to the defendant Smith, with a corresponding interest in the mortgage, and delivered the mortgage…
1Opinion of the CourtDixon, C. J.
The right of the assignee of the note first due to a preference over the holder of a second or other note secured by the same mortgage falling due subsequently, attaches, in the absence of any countervailing equity, from the time of the assignment of the first note. Such, in effect, were the decisions of this court in Wood and Moon v. Trask, and Marine Bank v. International Bank, 7 Wis., 566, and 9 Wis., 57, by which this case must be governed. The respondent, who took the first note by assignment from the mortgagee before the mortgagee transferred the other note to the appellant, delayed to…
2Cases cited2 opinions
- Marine Bank v. International BankWisconsin Supreme Court · 1859
- Wood v. TraskWisconsin Supreme Court · 1859
3Cited by4 opinions
- Shaw v. Crandon State BankWisconsin Supreme Court · 1911
- Richardson v. McKimSupreme Court of Kansas · 1878
- Pierce v. ShawWisconsin Supreme Court · 1881
- Douglass v. BlountCourt of Appeals of Texas · 1900