Sleeper v. Iselin

• Decision Date: 15 December 1883
• Parties: SLEEPER AND OTHERS v. ISELIN AND OTHERS. TOMES, INTERVENOR, AND OTHERS v. SLEEPER AND OTHERS.
• Court: Iowa Supreme Court

62 Iowa 583

17 N.W. 922

SLEEPER AND OTHERS

v.ISELIN AND OTHERS.

TOMES, INTERVENOR, AND OTHERS

v.SLEEPER AND OTHERS.

Supreme Court of Iowa.

Filed December 15, 1883.

Appeal from O'Brien district court.

In July, 1880, John H. Iselin and Henry H. Iselin were partners, doing business under the name and style of John H. Iselin & Co. As such partners they became indebted to the First National Bank of St. Paul and A. W. Sleeper & Bro. To secure said indebtedness, John H. Iselin and wife and Henry Iselin executed to A. W. Sleeper, trustee, a deed of trust on certain real estate. The plaintiffs are the assignees of the beneficiaries in the deed of trust, and entitled to enforce the lien thereof. This action was brought for that purpose. Henrietta C. Tomes intervened, claiming that she owned a portion of the real estate described in the trust deed, and that as to such portion it should not be enforced. Certain other persons were made parties by the intervenor, and she asked that she be decreed to be the owner of the real estate claimed by her, and for other relief. The issues between the plaintiffs, defendants, and intervenor, by agreement of the parties, was submitted to the court. There was a finding and judgment for intervenor, and the plaintiffs and intervening defendants appeal.Barrett & Bullis, for appellants.

Joy & Wright, for appellees.

SEEVERS, J.

In 1875, John H. Iselin became the trustee of intervenor in relation to certain stocks and bonds owned by the latter. In 1879, John H. Iselin suggested to the intervenor the propriety of converting the stocks and bonds into money, and investing the proceeds in certain real estate in Sheldon, Iowa. As an inducement to make such investment, Iselin represented to the intervenor that she would receive a larger annual income therefrom than she obtained from the stocks and bonds. The intervenor adopted the suggestion, and authorized said Iselin to sell the stocks and bonds and invest the proceeds in real estate, as suggested by him. At that time John H. Iselin was the owner of the property in controversy, and he converted the stocks and bonds into money, and the same was placed to his credit on the books of John H. Iselin & Co., and the same was used by said firm in the partnership business; and in consideration of said money, John H. Iselin and wife conveyed the property in controversy to John H. Iselin, trustee, in December, 1879. This conveyance is in the usual form of warranty deed, and was duly acknowledged and filed for record in January, 1880. At the time the deed of trust, under which the plaintiffs' claim, was executed, as we find from a preponderance of the evidence, the trustee and the beneficiaries therein named had express notice of the conveyance to John H. Iselin, as ...