Draper v. Saxton
Massachusetts Supreme Judicial Court
Tort for the conversion of a quantity of tobacco. Trial in the Superior Court, before Allen, J., without a jury, who allowed a bill of exceptions in substance as follows : The tobacco was grown by James H. Saxton in 1872, and on November 24, 1873, he conveyed it by a mortgage, recorded the same day, together with other articles, the produce of his farm in 1873, to John H. Stebbins, to secure his note of $2000 dated September 21, 1872, payable to Stebbins or order, on demand.
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Tort for the conversion of a quantity of tobacco. Trial in the Superior Court, before Allen, J., without a jury, who allowed a bill of exceptions in substance as follows : The tobacco was grown by James H. Saxton in 1872, and on November 24, 1873, he conveyed it by a mortgage, recorded the same day, together with other articles, the produce of his farm in 1873, to John H. Stebbins, to secure his note of $2000 dated September 21, 1872, payable to Stebbins or order, on demand. Stebbins assigned the mortgage to the plaintiff, by an instrument bearing date December 10,1873, recorded on April 20,…
1Opinion of the CourtEndicott, J.
The court properly refused to rule that the mortgage was void, as an assignment of collateral security before the debt was due.
The mortgage and the note, which was on demand, were given to secure Stebbins for his liability on certain notes of the mortgagor, which Stebbins had indorsed, and to cover future liabilities which Stebbins might assume for the mortgagor. Before the assignment of the note and mortgage to the plaintiff, and after the notes upon which Stebbins was indorser were due, he took them up by a note signed by himself and the defendant. This operated as a payment of the original…
2Cited by5 opinions
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