Andrew v. First State Bank of Holstein

Petitioner held a properly recorded mortgage on cattle, executed by Schutt. On January 2, 1928, the mortgagor, without the knowledge or permission of petitioner, sold the cattle in Chicago for $4,272.37, and told the purchaser to send the proceeds to defendant First State Bank of Holstein, where he had been doing his banking business. The proceeds of the cattle were by the purchaser placed in the Stock Yards National Bank, which was a correspondent of the Holstein bank’s, to the credit of the Holstein bank, which was notified thereof, and which gave credit to the mortgagor therefor. The…