Tenney v. State Bank of Wisconsin
Wisconsin Supreme Court
APPEAL from tbe Circuit Court for Milwaukee County. Action upon an alleged equitable mortgage of tbe schooner L. J. Earwell by Isaac T. Branch to John Q-. Inbusch, president of tbe Male Bank of Wisconsin, given to secure an indebtedness of said Branch to tbe bank Tbe plaintiff, as assignee of Branch, seeks to have an account taken of such indebtedness, and of tbe earnings, costs and expenses of tbe vessel, and that after deducting tbe amount of said indebtedness from tbe net…
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APPEAL from tbe Circuit Court for Milwaukee County. Action upon an alleged equitable mortgage of tbe schooner L. J. Earwell by Isaac T. Branch to John Q-. Inbusch, president of tbe Male Bank of Wisconsin, given to secure an indebtedness of said Branch to tbe bank Tbe plaintiff, as assignee of Branch, seeks to have an account taken of such indebtedness, and of tbe earnings, costs and expenses of tbe vessel, and that after deducting tbe amount of said indebtedness from tbe net earnings of tbe vessel, Inbusch be adjudged to pay tbe balance to tbe plaintiff and convey tbe vessel to him; or that…
1Opinion of the Court
Dixobt, O. J.
In this case we hold:
1. Assuming the correctness of the proposition urged by the *161plaintiff’s counsel, that it is competent to show by parol a contemporaneous agreement by which the vessel was to be employed in her business of commerce and navigation, and her earnings applied to the discharge of the debt due to the bant (a point which we do not decide), that the parol evidence establishes no such agreement. On the contrary, our conclusion is, that Branch was to retain the control of the vessel and receive her earnings, and that there was no agreement by which he was bound to apply…
2Cases cited1 opinion
- Underhill v. Van CortlandtNew York Court of Chancery · 1817
3Cited by26 opinions
- Meyer v. GarthwaiteWisconsin Supreme Court · 1896
- Cole v. GetzingerWisconsin Supreme Court · 1897
- Combs v. ScottWisconsin Supreme Court · 1890
- Franey v. WarnerWisconsin Supreme Court · 1897
- Supervisors of Kewaunee County v. DeckerWisconsin Supreme Court · 1872
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