Pope & Slocum v. Jacobus
Supreme Court of Iowa
Appeal from Clayton District Court. DEPENDANTS made a mortgage to one Fields, to secure a note payable to him or order. Before the note matured, Fields, for value received, assigned all his “right, title and interest” in said mortgage to plaintiffs. They bring this bill to foreclose, and aver that the note, as well as the mortgage, is their property, hut it isnot assigned.
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Appeal from Clayton District Court. DEPENDANTS made a mortgage to one Fields, to secure a note payable to him or order. Before the note matured, Fields, for value received, assigned all his “right, title and interest” in said mortgage to plaintiffs. They bring this bill to foreclose, and aver that the note, as well as the mortgage, is their property, hut it isnot assigned. Defendants answer that the consideration for which said note was given (specifying it) has entirely failed. To this answer there was a demurrer, which was overruled, and plaintiffs abide by their demurrer, and appeal to…
1Opinion of the Court
Weight, 0. J.
Two questions are made: First, Does tbe assignment of tbe mortgage carry with it tbe tbe note; Second, If it does, will sucb an assignment, being made before tbe maturity of tbe note, baye tbe effect of cutting off all equities in fayor of the makers of tbe note against tbe payee. Tbe assignment of tbe debt, it is conceded as a general rule, draws after it tbe mortgage, as a consequence or appurtenance to it. An assignment of tbe interest of tbe mortgagee in tbe land, without an assignment of tbe debt, is considered as tbe mere transfer of a naked trust, and is without any…
2Cases cited3 opinions
- Bissell v. HopkinsNew York Supreme Court · 1824
- Crow, McCreary & Co. v. VanceSupreme Court of Iowa · 1857
- Carroll v. ReddingtonSupreme Court of Iowa · 1858
3Cited by8 opinions
- Andrews v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1930
- Wyllis v. HaunSupreme Court of Iowa · 1878
- Whitney v. EichnerSupreme Court of Iowa · 1927
- Phillips v. McIlrathSupreme Court of Iowa · 1928
- Sangster v. LoveSupreme Court of Iowa · 1861
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