Wilcox v. Iowa Wesleyan University
Supreme Court of Iowa
Appeal from, Henry District Cowrt. This action is brought to foreclose a mortgage executed by the defendant, the college, on twenty acres of land, in- ' eluding the college building, made to secure a promissory note, which reads as follows: “ Henry County, Iowa, Sept. 1,1857. “ Four months after date the Iowa Wesleyan University promise to pay Alexander Lee, or order, the sum of $2,000 and interest from date, at the rate of ten per cent, per ' annum, for value received, for…
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Appeal from, Henry District Cowrt. This action is brought to foreclose a mortgage executed by the defendant, the college, on twenty acres of land, in- ' eluding the college building, made to secure a promissory note, which reads as follows: “ Henry County, Iowa, Sept. 1,1857. “ Four months after date the Iowa Wesleyan University promise to pay Alexander Lee, or order, the sum of $2,000 and interest from date, at the rate of ten per cent, per ' annum, for value received, for which a mortgage is given. “(Signed) D. Worthington, “President of Boa/rd of Corporators. “Thos. E. Corkhill, “…
1Opinion of the CourtMiller, J.
The Iowa Wesleyan University is an' eleemosynary corporation under the laws of this State. The evidence shows that the note sued on in this case, with others, was secured by a mortgage on twenty acres of land on which the college building was situated. In 1861 the plaintiff was the bona fide holder of this note and was demanding payment. The corporation at this time was1 *370largely indebted, and had in its hands a large amount of assets, mostly of recent donation to it for the purpose of assisting it in paying off its indebtedness, and were generally made on condition that they should not be…
2Cases cited3 opinions
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- Hyer v. HyattU.S. Circuit Court for the District of District of Columbia · 1827
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- Butler v. . PrentissNew York Court of Appeals · 1899
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