Langevin v. Bloom
Decision Date | 16 June 1897 |
Docket Number | Nos. 10,636 - (179).,s. 10,636 - (179). |
Citation | 69 Minn. 22 |
Parties | HECTOR LANGEVIN v. WILLIAM BLOOM.<SMALL><SUP>1</SUP></SMALL> |
Court | Minnesota Supreme Court |
W. Watts and E. P. Pierce, for appellant.
Martin O'Brien, for respondent.
The only question is whether the assignee of the note succeeded to the privilege or right of the vendor as against the exemption right of the vendee.
The authorities on this question are conflicting. See Thompson, Homest. & Ex. § 336. Most of the cases consider it the same as or analogous to the question whether the equitable lien of a grantor of land for purchase money is assignable. Some courts hold that it is the mere personal privilege of the vendor, which is not assignable, and consequently will not pass by the assignment of the debt; while others view it as a privilege or right inherent in the contract, which goes with the debt like any other privilege, lien, or security. We think the latter view is correct on principle, as well as equitable. Unless the vendor can sell the debt accompanied by the privilege or right to levy on the property sold in the hands of the vendee, he does not get the full benefit of the right which the statute gives him. This right is one of the things which gives value to the debt. There is no reason in equity why the vendee should hold the property as exempt against process to collect the purchase money in favor of the assignee of the vendor, any more than if the process was in favor of the vendor himself. The theory upon which the statute cited was enacted, and upon which it is held constitutional, is that the buyer ought not, as against the seller, to hold the property as exempt, until he has paid for it, and that the property passes...
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