Anderson v. Baumgartner
Supreme Court of Missouri
Appeal from St. Louis Land Court. The object of this suit was to compel the trustees under a deed of trust to advertise and sell the premises described therein, and to apply the proceeds in payment of certain promissory notes alleged to be secured by said deed.
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Appeal from St. Louis Land Court. The object of this suit was to compel the trustees under a deed of trust to advertise and sell the premises described therein, and to apply the proceeds in payment of certain promissory notes alleged to be secured by said deed. Baum-gartner and Robbins, the trustees, and Andrew Christy, the assignee of other notes secured by the same deed of trust, and George B. Michael, the purchaser at a sale under a junior deed of trust, were made parties defendant to the suit. The petition states in substance that on the 19th day of May, 1846, one John S. Watson made…
1Opinion of the CourtRichardson, Judge
The doctrine is well settled that the transfer of a debt carries with it in equity the mortgage security; and if several *87notes secured in the same mortgage are assigned to different persons, as a general rule the holder of each note will acquire by the assignment an equitable interest in the mortgage. (Keyes v. Wood, 21 Verm. 331; 1 Hilliard on Mortg. chap. 11; Thayer v. Campbell, 9 Mo. 277.) The security is only an incident to the debt; and, if the principal be assigned and there be no agreement to- the contrary, the mortgage will pass with it. The interest however which the assignee…
2Cases cited2 opinions
- Thayer v. CampbellSupreme Court of Missouri · 1845
- Keyes v. Wood, Grant & Co.Supreme Court of Vermont · 1849
3Cited by13 opinions
- Hagerman v. SuttonSupreme Court of Missouri · 1887
- Denver Brick & Manuf'g Co. v. McAllisterSupreme Court of Colorado · 1882
- Mitchell v. LadewSupreme Court of Missouri · 1865
- Studebaker Bros. Manufacturing Co. v. McCargurNebraska Supreme Court · 1886
- Meyer v. RitterCourt of Appeals for the Eighth Circuit · 1920
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