Central Trust Co. of New York v. Burton
Wisconsin Supreme Court
APPEAL from the Circuit Court for Walworth County. The facts will sufficiently appear from the opinion. They contended, inter alia, that the trust deed is not a mere incident to the debt, but has in many respects an independent existence. In this case it was not given simultaneously with the execution of the notes, nor by the maker of the notes. The trustee is not the creditor or money lender; he is a quasi official, responsible to the mortgagor and the beneficiaries alike.
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APPEAL from the Circuit Court for Walworth County. The facts will sufficiently appear from the opinion. They contended, inter alia, that the trust deed is not a mere incident to the debt, but has in many respects an independent existence. In this case it was not given simultaneously with the execution of the notes, nor by the maker of the notes. The trustee is not the creditor or money lender; he is a quasi official, responsible to the mortgagor and the beneficiaries alike. By the voluntary act of the mortgagor this trustee has been assigned certain active duties in case of default, all of…
1Opinion of the Court
Oole, O. J.
This is an appeal from two orders: one overruling a demurrer to portions of the answer, and the other refusing to appoint a receiver of the mortgaged property. The action is brought to foreclose a trust deed executed by John E. Burton and wife to secure the payment of certain notes made by the Burton Manufacturing Company, payable to the order of Burton, and indorsed and negotiated by him to various parties. The defendant Burton answered, setting up the defense of usury to thesé notes. The appellant is the trustee named in the deed, and loaned some money on the notes, and loans…
2Cases cited1 opinion
- Newman v. KershawWisconsin Supreme Court · 1860
3Cited by12 opinions
- Bank of Commerce v. FuquaMontana Supreme Court · 1891
- Decker v. McSorleyWisconsin Supreme Court · 1901
- Second National Bank of Richmond v. SmithWisconsin Supreme Court · 1903
- Schroeder v. Arcade Theater Co.Wisconsin Supreme Court · 1921
- Sanders v. HallCourt of Appeals for the Tenth Circuit · 1934
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