Farmers & Merchants State Bank v. Hildebrandt

Appellant contends that when the bank agreed with Emil Hildebrandt to extend the time of payment of the debt secured by the first mortgage, the lien of the first mortgage was thereby rendered inferior to the lien of the second. He cites no cases so holding, but claims this results from application of general principles of suretyship, subrogation, and marshaling of securities. He relies on the principle stated by this court in Fanning v. Murphy, 126 Wis. 538, 105 N. W. 1056, that when an owner of land on which he has executed a mortgage conveys it to a grantee, who as part o:f the…