First State Bank of Saltillo v. Ennis Title Co.

This appeal presents a contest for priority between opposing parties, each claiming mortgages upon a fund which represents the value of two mules killed by a railway train. The railway company paid the value of the mules into the hands of the sheriff, who now holds it subject to the result of this suit. The appellee claims under a mortgage dated February 14, 1914, given to secure a note executed by J. C. Newman for $400, due the 1st of the following October. This mortgage contains the following stipulation:

“Those being the only mules I own, and the same mules that Saltillo Bank has a lien on.”