Logan v. Smith
Supreme Court of Missouri
Appeal from Buchanan Circuit Court. I. Mortgages are not governed by the same law as commercial paper, and the assignment of Smith’s note by Cowan could not vest the plaintiff with any higher rights or stronger equity, in the mortgage given by Smith, tlian Cowan himself had; and if in his hands the mortgage was canceled, or could not have been enforced, neither could plaintiff enforce it.
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Appeal from Buchanan Circuit Court. I. Mortgages are not governed by the same law as commercial paper, and the assignment of Smith’s note by Cowan could not vest the plaintiff with any higher rights or stronger equity, in the mortgage given by Smith, tlian Cowan himself had; and if in his hands the mortgage was canceled, or could not have been enforced, neither could plaintiff enforce it. (Potter vs. McDowell, 43 Mo., 93 — 98; Linville, etc. vs. Savage, 58 Mo., 248-255 ; Shirm vs. Fredericks. 56 Ills., 439 ; Bailey vs. Smith, 14 Ohio St., 396; Craft vs. Bmister. 9 Wis., 503 — 8.) II. The note…
1Opinion of the CourtHough, Judge
This was a proceeding to foreclose a mortgage under the statute.
On the 17th day of January, 1870, Samuel F. Cowan sold and conveyed by warranty deed, to the defendant Smith, the land described in the mortgage sought to be foreclosed, .for the sum of $3,000. The defendant paid $1,800 in cash, and for the remaining $1,200 made and delivered his negotiable promissory note of that date to said Cowan, payable on the 25th day of December, 1870, and to secure the payment of the same, executed said mortgage. At the date oí *457said sale, there was on record a mortgage on said land, made by Cowan on the…
2Cases cited2 opinions
- Linville v. SavageSupreme Court of Missouri · 1874
- Goodman v. SimondsSupreme Court of Missouri · 1853
3Cited by36 opinions
- Pope v. BeauchampTexas Supreme Court · 1920
- Crawford v. SpencerSupreme Court of Missouri · 1887
- West v. First Bap. Ch. of TaftTexas Supreme Court · 1934
- Mayes v. RobinsonSupreme Court of Missouri · 1887
- Orrick v. DurhamSupreme Court of Missouri · 1883
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