Leon Loan & Abstract Co. v. Equalization Board of Leon

• Decision Date: 06 October 1892
• Citation: 53 N.W. 94,86 Iowa 127
• Court: Iowa Supreme Court
• Parties: LEON LOAN & ABSTRACT CO. v. EQUALIZATION BOARD OF LEON ET AL.

86 Iowa 127

53 N.W. 94

LEON LOAN & ABSTRACT CO.

v.EQUALIZATION BOARD OF LEON ET AL.

Supreme Court of Iowa.

Oct. 6, 1892.

Appeal from district court, Decatur county; R. C. HENRY, Judge.

This is an agreed case submitted upon the following statement of facts, with certain omissions which are deemed unimportant in its consideration: “That the plaintiff is a copartnership composed of D. & A. B. Stearns and L. P. Sigler and Francis Varga, and doing business under the firm name of the ‘Leon Loan & Abstract Company.’ Second. That the plaintiffs are the owners of a set of books containing the only full abstracts and records of the titles of lands and lots in Decatur county, Iowa, prior to April 1, 1874. That the abstract books, of themselves, without any writing in them, are of about the value of $150. Third. That the abstract books were first made by J. W. Harvey and J. L. Young, who donated them to Albert Hale and C. B. Jordan. That Jordan bought the interest of Hale, and paid a reasonable compensation therefor. That some time afterwards one W. H. Robb bought an interest in said books of C. B. Jordan, and paid a reasonable compensation therefor. That the said abstract books were again sold by W. H. Robb and C. B. Jordan, or by C. B. Jordan, to one Gibbon, for which a reasonable compensation was at the time paid. That on the ______ day of ________ the said Gibbon sold the said abstract books to D. & A. B. Stearns and L. P. Sigler for the sum of $6,000. Fourth. That on or about the 1st day of April, 1874, the recorder's office in Decatur county, Iowa, and the contents thereof, (the records showing the titles to lands and lots,) were entirely destroyed by fire. That the abstract books of the plaintiff are the only full records showing titles to lands and town lots in Decatur county, Iowa, prior to April 1, 1874. That in addition thereto the said abstract books at this time show full and complete records of the title to all lands and town lots in Decatur county, Iowa, and all liens upon the said lands and lots. Fifth. That the value of abstracts to the party procuring them depends much on the ability, competency, and responsibility of the abstractor and the firm. Sixth. It is agreed that the Leon Loan & Abstract Company received during the year 1888, for making abstracts from said books and the existing records of Decatur county, Iowa, the sum of $539.49. Seventh. It is further agreed that the services of a competent abstractor to keep up said books daily, and to issue abstracts therefrom, are worth at least fifty dollars per month, if he connects no other business with said work. Eighth. It is further agreed that a suitable office, with fixtures and a fireproof vault, to keep said books in, is reasonably worth one hundred dollars a year, and the abstract blanks and stationery necessary to carry on said business is about fifty dollars a year. Tenth. That the value of said abstract books consist--(1) In the value of the books themselves. (2) In the fact that they contain the only record of titles of lands and lots in Decatur county, Iowa, prior to April 1, 1876. (3) That they contain a true, full, and complete record of the title of each tract of land and town lot in Decatur county, Iowa, up to this date. (4) That they have an actual market value, and can be used by any one of ordinary intelligence and ability in learning the title to lands in Decatur county, Iowa. (5) That by owning said books the plaintiff herein is enabled to furnish abstracts to lands and lots to different parties, and charge each party a very reasonable compensation for the same. Eleventh. That any person owning said books, and possessed of ordinary intelligence, education, and ability, could use them, as they are now used by the plaintiff. Twelith. That the said abstract books are accepted as the best evidence of title to lands and town lots in Decatur county by our courts. Thirteenth. That the said abstract books were assessed for taxation for the year 1889 at the sum of $1,700. Fourteenth. That Francis Varga is secretary for the plaintiff herein, and has $1,500 invested in said abstract books, and receives as interest on his $1,500 and for his compensation for his labor in keeping said books up daily, and furnishing abstracts therefrom for parties desiring to know the title to lands and lots in Decatur county, Iowa, one half of the net proceeds of the business of making the said abstracts. That the other plaintiffs, D. and A. B. Stearns and L. P. Sigler, receive for the use of said books the other half of the net proceeds of the said business; and said abstract books are of the value of $6,000. Fifteenth. That Francis Varga has an office in the Farmers' & Traders' Bank building in Leon, Decatur county, Iowa, in which said books are kept and furnished by said bank with suitable furniture and fixtures for the preservation of the said books, and for the transaction of the business of making abstracts to titles of lands and lots in Decatur county, Iowa. Sixteenth. It is agreed in this case that the court shall decide, first, as to whether the said abstract books are assessable or taxable property, and, if so, to what extent they are assessable and taxable.” The district court found ...