Isett v. Lucas
Supreme Court of Iowa
Appeal from Muscatine District Court. On the 15th day of April, 1857, A. 0. Patterson sold to James Hall a tract of land near the city of Muscatine. For the purchase-money unpaid, Hall executed two promissory notes for $4,133.83 each, payable in one and two years respectively, and to secure the payment of the same, Hall and wife executed two mortgages upon the real estate purchased, both of which mortgages were duly recorded at the same time.
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Appeal from Muscatine District Court. On the 15th day of April, 1857, A. 0. Patterson sold to James Hall a tract of land near the city of Muscatine. For the purchase-money unpaid, Hall executed two promissory notes for $4,133.83 each, payable in one and two years respectively, and to secure the payment of the same, Hall and wife executed two mortgages upon the real estate purchased, both of which mortgages were duly recorded at the same time. On the 2d day of January, 1858, Patterson assigned, in blank, the note last due, to one Tufts, as collateral security for $1,100.00, and with the…
1Opinion of the CourtCole, J.
i. mokt-order oí payments. I. Independent of any legal and binding agreement, where a mortgage is executed to secure two or more notes maturing at different times, the proceeds aris-ing from a foreclosure of the mortgaged premises spou¡¿ be applied to the payment of the notes in the order in which they fall due. The different installments in a mortgage securing such notes are regarded as so many successive mortgages, each having priority according to the time of its maturity; and where, instead of one mortgage being executed to secure several notes given for the same indebtedness, a separate…
2Cases cited7 opinions
- Thompson v. KetchamNew York Supreme Court · 1811
- Creery v. HollyNew York Supreme Court · 1835
- State Bank v. TweedyIndiana Supreme Court · 1847
- Barber v. BraceSupreme Court of Connecticut · 1819
- Grapengether v. FejervarySupreme Court of Iowa · 1859
2 more not listed; retrieve them via the Exa API.
3Cited by13 opinions
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- Corbin v. KincaidSupreme Court of Kansas · 1885
- Independent School District v. SchreinerSupreme Court of Iowa · 1877
- Stewart v. Omaha Loan & Trust Co.Supreme Court of Missouri · 1920
- District Township v. WhiteSupreme Court of Iowa · 1876
8 more not listed; retrieve them via the Exa API.