Charter Oak Life Insurance v. Smith
Wisconsin Supreme Court
APPEAL from tbe Circuit Court for Winnebago County. Action to foreclose a mortgage executed by tbe defendants Hi/ram R. Smith and wife to tbe plaintiff, on certain mill property in tbe city of Osbbosh, to secure the payment of $4,000, mentioned in tbe condition of a certain bond executed by the said Ilwam to the plaintiff, and dated February S3,1870. A condition of the bond and mortgage was, that "Mr. Smith should keep tbe building on the mortgaged premises insured for tbe…
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APPEAL from tbe Circuit Court for Winnebago County. Action to foreclose a mortgage executed by tbe defendants Hi/ram R. Smith and wife to tbe plaintiff, on certain mill property in tbe city of Osbbosh, to secure the payment of $4,000, mentioned in tbe condition of a certain bond executed by the said Ilwam to the plaintiff, and dated February S3,1870. A condition of the bond and mortgage was, that "Mr. Smith should keep tbe building on the mortgaged premises insured for tbe benefit of tbe plaintiff, in tbe sum of $3,-000, as collateral security for tbe payment of the mortgage debt. Mr. Smith…
1Opinion of the CourtLyon, J.
A creditor who holds notes or other obligations for the payment of money, assigned to him by his debtor as collateral security, is bound to use reasonable diligence to collect such collaterals when they fall due. If he neglects to do so — if he unreasonably delays to talce the necessary steps W enforce payment thereof at maturity,— and a loss results from such neglect and delay, he must bear the loss.
In this case .the fire insurance company remained solvent for one month after the insurance money became due and payable; and it is a fair inference from the testimony, that the plaintiff could…
2Cases cited1 opinion
- Plant's Manufacturing Co. v. FalveyWisconsin Supreme Court · 1865
3Cited by6 opinions
- Walmer v. First Acceptance Co.Wisconsin Supreme Court · 1927
- Atlantic Joint Stock Land Bank v. FosterSupreme Court of North Carolina · 1940
- Scott v. First National Bank of TulsaCourt Of Appeals Of Indian Territory · 1904
- Rezash v. Bank of Two RiversWisconsin Supreme Court · 1929
- Roethlisberger v. Bank of MonticelloWisconsin Supreme Court · 1934
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