Kohn v. Dravis
Court of Appeals for the Eighth Circuit
In Error to the Circuit Court of the United States for the Northern District of Iowa. On January 4, 1893, Theodore H. Dravis, the defendant in error, was a merchant in business at Sibley, in the state of Iowa. ITe had a stock of merchandise, whoso cost price was $8,000. He mortgaged these goods to Kolm Bros., the plaintiffs in error, to secure the payment of $3,81(5 which he owed them.
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In Error to the Circuit Court of the United States for the Northern District of Iowa. On January 4, 1893, Theodore H. Dravis, the defendant in error, was a merchant in business at Sibley, in the state of Iowa. ITe had a stock of merchandise, whoso cost price was $8,000. He mortgaged these goods to Kolm Bros., the plaintiffs in error, to secure the payment of $3,81(5 which he owed them. The mortgage contained a stipulation that “the mortgagee has permission to take immediate possession of such merchandise, and sell the same at retail only, but not at a price less than cost, and sufficient of…
1Opinion of the CourtSanborn, Circuit Judge
The mortgage authorized the plaintiffs in error to sell the merchandise at retail only, and at not less than cost, until they realized the amount due them and the cost of this sale. This limitation oí the amount and the method of the sale raised the implied agranc-unr *290that, when the limit of the sale had' been reached, the unsold remainder of the goods should be returned to the mortgagor. Those who avail themselves of the power of sale in a mortgage must strictly pursue its terms. By accepting the mortgage,- and the benefit of the power it contained, these mortgagees agreed that they would…
2Cases cited16 opinions
- Wicker v. HoppockSupreme Court of the United States · 1867
- Kingman & Co. v. Western Mfg. Co.Court of Appeals for the Eighth Circuit · 1899
- Mooney v. OlsenSupreme Court of Kansas · 1879
- Cushing v. Seymour, Sabin & Co.Supreme Court of Minnesota · 1883
- Donovan v. CampionCourt of Appeals for the Eighth Circuit · 1898
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3Cited by2 opinions
- River Spinning Co. v. Atlantic MillsU.S. Circuit Court for the District of Rhode Island · 1907
- John Miller Co. v. Harvey Mercantile Co.North Dakota Supreme Court · 1920