Milwaukee Cheese Co. v. Olafsson

The issue is whether the answer and the claim of the respondent, the impleaded defendant, Fisheries Bank of Iceland, allege facts sufficient to constitute a cause of action.

The plaintiff contends and the impleaded defendant does not dispute that under the substantive law of Wisconsin the answer and claim do not state facts sufficient to constitute a cause of action for the reason that the security instruments held by the impleaded defendant are imperfect security interests because there is no allegation that the security instruments were signed by the debtor as required by sec. 409.402 (1),…