First National Bank v. Gunhus
Supreme Court of Iowa
Appeal from Palo Alto District Court.— Hon. W. B. Qttai?.ton, Judge. Action in equity to recover upon promissory notes executed by tbe defendant Gunhus to the plaintiff bank, and to foreclose in respect of certain collateral securities. The defendant bank claimed to be the owner of one of the collateral notes, being a note for $2,500 executed by one Jacobs and secured by mortgage on certain lands situated in the State of Minnesota.
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Appeal from Palo Alto District Court.— Hon. W. B. Qttai?.ton, Judge. Action in equity to recover upon promissory notes executed by tbe defendant Gunhus to the plaintiff bank, and to foreclose in respect of certain collateral securities. The defendant bank claimed to be the owner of one of the collateral notes, being a note for $2,500 executed by one Jacobs and secured by mortgage on certain lands situated in the State of Minnesota. There was a decree in favor of plaintiff bank as against both defendants. The defendant bank alone appeals.
1Opinion of the Court
Bishop, J.—
The controversy on this appeal involves only the question of the rights of the parties in and to the Jacobs note and mortgage. On the one hand, it is the contention of the plaintiff bank that such note and mortgage w'as deposited with it by Gunhus, the owner thereof, as collateral to his indebtedness. On the other hand, it is the contention of the defendant bank that it is the sole owner of the note and mortgage, and is entitled to the possession thereof; that said note with the mortgage was placed in the hands of A. H. Keller, -cashier of plaintiff bank, as agent by defendant bank…
2Cases cited8 opinions
- Cook v. TullisSupreme Court of the United States · 1874
- First National Bank v. GiffordSupreme Court of Iowa · 1877
- First National Bank of Nephi v. FooteUtah Supreme Court · 1895
- Ellis v. First Nat. Bank of WoonsocketSupreme Court of Rhode Island · 1901
- Murray v. BealUtah Supreme Court · 1901
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3Cited by11 opinions
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- Church v. SwetlandCourt of Appeals for the Second Circuit · 1917
- First State Bank & Trust Co. of Mineral Wells v. DavidsonCourt of Appeals of Texas · 1924
- Leach v. Peoples Savings BankSupreme Court of Iowa · 1925
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