Leavitt & Johnson v. Reynolds
Supreme Court of Iowa
Appeal from Black Hawk District Qourt. — Hon. C. F. Couch, Judge. On July 14, 1885, Nellie Groodwin and her husband executed and delivered to E. W. Burnham a mortgage lor thirty-one hundred dollars, covering what is known as “Burnham’s Opera House,” in Waterloo, Iowa, and securing the payment or three promissory notes, as follows : One for one thousand dollars, due August 1, 1886; one for one thousand dollars, due August 1, 1887; and one for eleven hundred dollars, due…
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Appeal from Black Hawk District Qourt. — Hon. C. F. Couch, Judge. On July 14, 1885, Nellie Groodwin and her husband executed and delivered to E. W. Burnham a mortgage lor thirty-one hundred dollars, covering what is known as “Burnham’s Opera House,” in Waterloo, Iowa, and securing the payment or three promissory notes, as follows : One for one thousand dollars, due August 1, 1886; one for one thousand dollars, due August 1, 1887; and one for eleven hundred dollars, due August 1, 1888. Mr. Burnham soon thereafter sold the two notes first named to the plaintiffs, Leavitt and Johnson, with…
1Opinion of the CourtGiven, J.
I. Different rules are observed in different states in applying the security, when several obligations falling due at different times are secured by the same . mortgage. The states of New York, New Jersey, Pennsylvania, Minnesota, Kentucky and other states have adopted what is termed the “jpro-rata theory; ” that is, the security is divided among the holders of the different obligations, according to the sums due thereon, neither having priority over the other. In this state, and in Ohio, Indiana, Illinois, Alabama and some other states, the pro-tanio or priority rule is followed, under which…
2Cases cited3 opinions
- Grapengether v. FejervarySupreme Court of Iowa · 1859
- Isett v. LucasSupreme Court of Iowa · 1864
- Pierce v. ShawWisconsin Supreme Court · 1881
3Cited by9 opinions
- San Antonio Real Estate Building & Loan Ass'n v. StewartTexas Supreme Court · 1901
- Watts v. CreightonSupreme Court of Iowa · 1892
- Green v. FrickSouth Dakota Supreme Court · 1910
- In the Matter of Estates of LallaIllinois Supreme Court · 1936
- Whitney v. EichnerSupreme Court of Iowa · 1927
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