Bank of Ackley v. Porter

• Decision Date: 12 April 1902
• Citation: 116 Iowa 377,89 N.W. 1094
• Parties: BANK OF ACKLEY v. PORTER ET AL. (SCALES, INTERVENER).
• Court: Iowa Supreme Court

116 Iowa 377

89 N.W. 1094

BANK OF ACKLEY

v.PORTER ET AL. (SCALES, INTERVENER).

Supreme Court of Iowa.

April 12, 1902.

Appeal from district court, Hardin county; W. S. Kenyon, Judge.

Action in equity to foreclose a chattel mortgage made to secure a series of notes falling due at different times. The contest here is as to rights of priority between plaintiff, the intervener, and the defendant W. S. Porter, who are note holders. There was a decree adjusting their respective rights, which will be more specifically referred to in the opinion. Plaintiff and intervener appeal. Defendant W. S. Porter also served notice of appeal. Whether he perfected it,--a matter about which there is some dispute,--we need not determine, for the reason that the only interest to which we find him entitled is involved, of necessity, in the appeal of the other parties. Modified.C. E. Albrook and J. H. Scales, for appellants.

W. J. Moir and John Porter, for appellees.

WATERMAN, J.

A sale had been made under the mortgage by an agent of the note holders, when the proceeding was brought into court on the application of plaintiff. The proceeds of the sale were deposited, and the contest now is over a division of the money. Excluding one note, which it is admitted was paid, the others secured by the mortgage are as follows: $200, due June 12, 1893; $250, due September 12, 1893; $250, due December 12, 1893; $200, due June 12, 1894; $300, due September 12, 1894; $500, due March 12, 1895. Defendant W. S. Porter claims to be the owner of the first two of these notes, and there is no dispute but that intervener owns the third, and plaintiff the last three. The trial court found W. S. Porter owned the first note, or a part of it, of the value of $62, with interest, amounting in all to $92.38. It also found him to be the owner of the second note, which, less two credits, amounted, with interest, to $334.96. It gave him a first lien on the mortgage fund, and it is that portion of the decree which is attacked in this court. These notes and the mortgage securing them were made by one T. O. Walker to J. H. Scales. The first of the notes, claimed by defendant Porter, was indorsed by Scales to Barnhart Bros. & Spindler, of Chicago. It was paid to that firm, and, while there is some dispute as to whether W. S. Porter or intervener paid it, we do not think the matter material on the issue before us. The trial court must have found that $62 was paid by Porter. We may concede that...