National Bank of Commerce of Milwaukee v. Brogan

The stipulations in the applications for bonds define the rights of the parties thereto under that agreement. Such lien as these stipulations create, so long as unrecorded and unknown to other creditors, could affect only the rights of the parties to the agreement. A document intended to transfer title to property, real or personal, *382as security only, will be treated as and given the effect of a mortgage. Underwood Veneer Co. v. Lucia, 202 Wis. 507, 232 N. W. 853; Kiefer-Haessler Hardware Co. v. Paulus, 149 Wis. 453, 135 N. W. 832; Rockwell v. Humphrey, 57 Wis. 410, 15 N. W. 394. The rights of…