Tuttle v. Wilson
Supreme Court of Minnesota
On April 7, 1874, one J. P. Wilson made and delivered to one B. T. Welles his promissory note for the sum of $1,000, due three years after date, and, to secure its payment, executed and delivered a mortgage upon certain real estate. On March 10, 1876, Welles assigned the note and mortgage to one William A. Richards. On October 7, 1876, Richards assigned the note and mortgage to one W. W. G-ibbs, as security for a debt.
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On April 7, 1874, one J. P. Wilson made and delivered to one B. T. Welles his promissory note for the sum of $1,000, due three years after date, and, to secure its payment, executed and delivered a mortgage upon certain real estate. On March 10, 1876, Welles assigned the note and mortgage to one William A. Richards. On October 7, 1876, Richards assigned the note and mortgage to one W. W. G-ibbs, as security for a debt. On September 10, 1878, Gibbs assigned the note and mortgage to the plaintiff, under instructions from Richards, who had paid his debí to Gibbs. Plaintiff brought this action in…
1Opinion of the Court
Mitchell, J.1
By statute the assignee of an overdue bill of exchange or negotiable promissory note is put upon the same footing as the assignee of any other chose in action. He takes it subject to any demand against his assignor, and in favor of the maker, existing at the time of the transfer, which might have been set off against the assignor while the note or bill belonged to him. Gen St. 1878, c. 66, §27. La Due v. First Nat. Bank of Kasson, 31 Minn. 33. This note and mortgage were made payable to Welles, who transferred to Richards. Richards assigned to Gibbs as collateral security.…
2Cases cited1 opinion
- La Due v. First National BankSupreme Court of Minnesota · 1883
3Cited by5 opinions
- Olsen-Frankman Livestock Marketing Service, Inc. v. Citizens National Bank of Madelia, a Corporation, John Keim, D/B/A John Keim & SonsCourt of Appeals for the Eighth Circuit · 1979
- Tuttle v. WilsonSupreme Court of Minnesota · 1889
- Farmers State Bank v. McGrathSupreme Court of Minnesota · 1918
- Brown v. Equitable Life Assurance Society of United StatesSupreme Court of Minnesota · 1899
- First National Bank v. Consolidated School District No. 28Supreme Court of Minnesota · 1931