Valley National Bank v. Des Moines National Bank
Supreme Court of Iowa
Appeal from Pollc District Court. — Hon. C. A. Bisiioi>? Judge. This case is in equity, and presents a contest between the two banks as to priority of liens.
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Appeal from Pollc District Court. — Hon. C. A. Bisiioi>? Judge. This case is in equity, and presents a contest between the two banks as to priority of liens. The matter was submitted in the trial court upon an agreed statement of facts, wbicb is as follows: “(1) That upon the 20th day of August, 1897, Israel Bros, were indebted to the Valley National Bank in about the sum of $20,000, and to the Clinton Woolen Manufacturing Co. in about the sum of $2,100, and to the Des Moines National Bank in about the sum of $2,500. (2) That about that time, to secure the claim of the Clinton Woolen…
1Opinion of the Court
Waterman, J. —
A brief analysis of the facts will disclose the following situation: “The Clinton Woolen Manufacturing Company held a paramount lien, through levy of execution, on the stock of goods, worth $14,923.80, and a first lien by mortgage on the Kansas land. Subject to the lien of the levy, the Valley National Bank had a mortgage on the goods, Avhich was the second lien thereon. The Des Moines National Bank held a mortgage on the stock of goods, which was the third lien, and a second mortgage on the Kansas land. The goods ■ were not of sufficient value to satisfy the two first liens.…
2Cases cited9 opinions
- Green v. BurkeNew York Supreme Court · 1840
- Starr v. Trustees of RochesterNew York Supreme Court · 1831
- First National Bank v. RogersSupreme Court of Minnesota · 1868
- Barber v. ReynoldsCalifornia Supreme Court · 1872
- Newsom v. McLendonSupreme Court of Georgia · 1849
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