Seymour v. Laycock
Wisconsin Supreme Court
APPEAL from the Circuit Court for Chippewa County. Action to foreclose a mortgage on real estate, executed by the defendants Henry Layeoek and wife to one "Winans, to secure the payment of a promissory note for $3,700, and ten per cent, interest, made by Henry Layeoek to Winans or order, dated July 22,1872, and payable one year after date.
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APPEAL from the Circuit Court for Chippewa County. Action to foreclose a mortgage on real estate, executed by the defendants Henry Layeoek and wife to one "Winans, to secure the payment of a promissory note for $3,700, and ten per cent, interest, made by Henry Layeoek to Winans or order, dated July 22,1872, and payable one year after date. The complaint alleges an assignment of the note and mortgage before maturity, by Winans to the plaintiff, the note having been so transferred by indorsement in the usual way. It álso alleges a wrongful satisfaction of record of the mortgage. It prays that…
1Opinion of the CourtLyoN, J.
1. The proof is conclusive that all of the indebtedness of Winans, the mortgagee, to the plaintiff, down to December 4, 1875, the date of the first acceptance, has been fully paid. If the note and mortgage in suit were transferred to the plaintiff as collateral for credits given by him to Winans during the season of 1873 only, the title to the securities re: verted to Winans upon payment of his indebtedness to the plaintiff contracted during that season, and the plaintiff has no further interest in them. In that event, the satisfaction of the mortgage executed by Winans is operative, to…
2Cases cited2 opinions
- Stahl v. GotzenbergerWisconsin Supreme Court · 1878
- Wadsworth v. WillardWisconsin Supreme Court · 1867
3Cited by1 opinion
- Board of Supervisors of Manitowoc County v. SullivanWisconsin Supreme Court · 1881