Reports of Cases at Law and in Equity; Argued and Determined in the Supreme Court of the State of Iowa Volume 29
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. 1870 edition. Excerpt: ...trial, defendant offered evidence to show that, at the time the insurance was obtained, the property insured was covered by a chattel mortgage, which was refused. The evidence was for the purpose of showing that the condition of the policy, that the assured was "the sole and u/nconditional owmr" of the property insured, was forfeited. The majority opinion holds that the mortgagor of personal property, like the mortgagor of lands, is the "owner." Here I think the court has fallen into a very grave error as to the law. Without stopping to inquire into the rights of mortgagors at common law, it is sufiicient to show that by our statute, "in the absence of stipulations to the contrary, the mortgagor of real property retains the legal title and right of possession thereof; but 1'/n the case of personal prrperty the mortgagee holds that title ' and right." Here the statute confers the title and the right of possession on the mortgagee of chattels, the mortgagor having a naked equity of redemption, a mere right to defeat the title of the mortgagee by a performance of the conditions of the mortgage, and, on a failure to comply with those conditions, the mortgagee becomes the absolute owner. Bean v. Barney, Scott tfi Co., 10 Iowa, 498. The mortgagor of personal property is so far from having any ownership in the goods covered by the mortgage that he has no interest therein which can be levied upon and sold under execution, unless by the terms of the mortgage he is entitled to and in fact retains possession. Campbell v. Leonard, 11 Iowa, 489; Rindskof Bros. cfi 0'0. v. L3, /ma/n, 16 id. 260. In what sense then can it be said that the mortgagor of personal property is " considered the owner?" None...
- Paperback | 208 pages
- 189 x 246 x 11mm | 381g
- 13 Sep 2013
- Illustrations, black and white