Mutual Federal Savings & Loan Ass'n v. Wisconsin Wire Works

We see no ambiguity in the terms of the contract. The entire balance due on the mortgage note is to become due and payable at the option of the mortgagee if the mortgagor:

“. . . shall convey away said mortgaged premises or if the title thereto shall become vested in any other person or persons in any manner whatsoever, unless the consent ... is first obtained.”. In Wisconsin, a state which follows the lien theory of mortgages, the mortgagee does not have legal title. The full ownership, both equitable and legal, is in the mortgagor, and the interest of the mortgagee is that of a lien holder.…