Watson v. Smith
Supreme Court of Minnesota
Action in the district court for Eamsey county for conversion of a promissory note. At the trial the promissory note executed by the plaintiff to defendants was put in evidence.
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Action in the district court for Eamsey county for conversion of a promissory note. At the trial the promissory note executed by the plaintiff to defendants was put in evidence. The power of sale mentioned in the opinion was in the following form: “As collateral security for the payment of the above note, I have ■deposited with the holder thereof the following property, the approximate value of which is estimated to be five thousand dollars, viz.: •One mortgage dated June 1, 1892, given by Odin G-. Clay, unmarried, to Beuben EL Boughton for five thousand dollars, payable 5 years from June 1,…
1Opinion of the CourtMitchell, J.
The plaintiff executed to defendants his promissory note, and as collateral security for its payment assigned and transferred to defendants a mortgage, and the note secured thereby, executed by one Clay. At the same time, and as a part of the same transaction, plaintiff executed to defendants a power of sale, in which, after reciting that he had deposited the Clay mortgage as collateral security for the payment of his own note, he authorized the holder of said note, on nonpayment thereof at maturity, to sell the security at public or private sale, and apply the avails toward the payment of…
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