McMaster's Commercial Decisions Affecting the Banker and Merchant; From the Decisions of the Highest Courts of the Several States Volume 3

McMaster's Commercial Decisions Affecting the Banker and Merchant; From the Decisions of the Highest Courts of the Several States Volume 3

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1900 edition. Excerpt: ...had were derived from an oral understanding between the mortgagors and the mortgagee at the time of the contraction of the indebtedness to the-bank. It is contended on behalf of the plaintiff' that the promise of McCain, Groth and Becker, when they borrowed the money, to secure it by a mortgage on the machinery at some future time, if so required, created an equity superior to that of the beneficiary in the trust deed. and entitled the mortgage which was finally given to priority over the plaintiFf's lien; and counsel support their position by reference to a number of authorities, some of which we shall specially examine. In Tifft v. Horton, 53 N. Y. 377, the plaintiff manufactured the machinery for a Mrs. Brown, under a written contract. By the terms of the contract the machinery was to be put up and used in an elevator Mrs. Brown was building, and she was to give for a portion of the purchase price her promissory notes, secured by a mortgage on the machinery. The machinery was completed according to the contract, and. while it was still in the plaintiff's shop, the mortgage was given. The instrument provided that the machinery should remain personal property until the notes were paid, notwithstanding the mann-er in which i-t might be placed in the elevator, and authorized the plaintiff, in case of default, to enter the elevator and take it away. The defendants claimed title through three real-estate mortgages executed before the machinery was placed upon the premises. The court held that the machinery was subject to the chattel mortgage, saying that, by the agreement of the then owner of the land with the plaintiff, it was to remain personal property until the notes were paid, and that, although the intention of the...show more

Product details

  • Paperback | 416 pages
  • 189 x 246 x 22mm | 739g
  • Rarebooksclub.com
  • United States
  • English
  • black & white illustrations
  • 1236990005
  • 9781236990006