Price County Bank v. McKenzie
Wisconsin Supreme Court
Appeal from a judgment of the circuit court for Oneida, county: Chas. Y. BardeeN, Circuit Judge. The action is upon the defendant’s indorsement of a promissory note made by one James Sweeney to the plaintiff,. January 5, 1893. The plaintiff is a bank at Eifield, Wis. On May 10, 1889, it held notes against Sweeney amounting to near $4,200. On one of these notes (a note of $500) the defendant was accommodation indorser.
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Appeal from a judgment of the circuit court for Oneida, county: Chas. Y. BardeeN, Circuit Judge. The action is upon the defendant’s indorsement of a promissory note made by one James Sweeney to the plaintiff,. January 5, 1893. The plaintiff is a bank at Eifield, Wis. On May 10, 1889, it held notes against Sweeney amounting to near $4,200. On one of these notes (a note of $500) the defendant was accommodation indorser. On that day the plaintiff took renewals of Sweeney’s notes, and a chattel mortgage from Sweeney to secure them. Defendant indorsed the renewal note of $500, partly on the credit…
1Opinion of the CourtNewMabt, J.
The plaintiff realized from the sale of the mortgaged property more than sufficient to satisfy all the claims which it held against Sweeney at the time when the mortgages were taken, including the note on which defendant was indorser. It applied the money so received, under Sweeney’s directions and without the defendant’s kno wledge, in part to the payment of claims against Sweeney, and to his use, arising subsequently to the execution of the mortgages. It is settled law that where a creditor has the means of satisfaction in his hands, or within his control as security, and does not use it…
2Cases cited7 opinions
- Guild v. ButlerMassachusetts Supreme Judicial Court · 1879
- Burr v. BoyerNebraska Supreme Court · 1873
- Hall v. HoxseyIllinois Supreme Court · 1877
- Fay v. TowerWisconsin Supreme Court · 1883
- Van Derveer v. WrightNew York Supreme Court · 1849
2 more not listed; retrieve them via the Exa API.
3Cited by3 opinions
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