Libby v. Cushman
Supreme Judicial Court of Maine
Assumpsit upon a note, given by the defendant to the plaintiffs. The defendant filed an account in set-off, for a stock of goods, for which he contended the plaintiffs were bound to account to him. Said stock of goods was conveyed by defendant to the plaintiffs by a mortgage duly executed and recorded on the third day of August, 1848, to secure the note in suit and two other notes.
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Assumpsit upon a note, given by the defendant to the plaintiffs. The defendant filed an account in set-off, for a stock of goods, for which he contended the plaintiffs were bound to account to him. Said stock of goods was conveyed by defendant to the plaintiffs by a mortgage duly executed and recorded on the third day of August, 1848, to secure the note in suit and two other notes. On the 28th day of September following, the plaintiffs, for better security, took possession of the goods under the mortgage. Subsequently, on the 30th day of the next October, the plaintiffs, while said mortgage…
1Opinion of the CourtTenney, J.
A mortgage of personal property as well as of real estate, is collateral to the contract intended to be secured thereby, and until foreclosure will not of itself prevent a recovery of the full amount due upon the contract in a suit brought upon it. The right of possession, as in a mortgage of lands, is in the mortgagee, before as well as after the breach of the condition, unless controlled by an agreement between the parties ; and possession of the mortgagee prior to foreclosure, in no wise affects the right of redemption of chattels, by the mortgager. A mortgage of real estate becomes…
2Cited by11 opinions
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- First National Bank v. FlynnSupreme Court of Minnesota · 1933
- Dyckman v. SevatsonSupreme Court of Minnesota · 1888
- Byram v. StoutIndiana Supreme Court · 1891
- Stephens v. CoxCourt of Appeals of Texas · 1923
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