First Nat. Bank of Madison v. Kolbeck

The defendants make a very logical and forceful argument that the note, the payment of which was secured by a mortgage, having run for more than six years after maturity, no cause of action can be maintained upon it and that the mortgage given to secure it has no existence, its existence being dependent upon the life of the indebtedness secured by it. It is a rule of law in this state that the running of the statute extinguishes the right and creates another right in the debtor of eqqal dignity and that the obligation is thereby extinguished as completely as if it had been paid or otherwise…