Allen v. Waddle

Citations

• 111 Kan. 690
• 208 P. 551
• 1922 Kan. LEXIS 323

Syllabus

<p>SYLLABUS BY THE COURT.</p> <p>1. Note and Mortgage — Transferred—Unrecorded Assignment of Mortgage— Effect of Payment to Original Mortgagee — Statute Construed. The statute authorizing effective payments upon a real-estate mortgage, title to which has been transferred by an unrecorded assignment, to be made by the mortgagor to the mortgagee, applies to mortgages securing negotiable as well as nonnegotiable obligations.</p> <p>2. Same. Where in a written application for a loan on a real-estate mortgage the applicant appoints the company to which it -is addressed as his agent to receive and transmit funds in payment thereof, but the loan is actually made by the company, which later transfers the mortgage by an unrecorded assignment, such appointment will not deprive the mortgagor of the benefits of the statute authorizing him to make effective payments to the mortgagee.</p> <p>3. Same — Negotiable Note — Coupons Indorsed in Blank — No Notice That Note and Mortgage Had Been Transferred. The fact that the coupons of a mortgage note are indorsed in blank by the mortgagee at the time he delivers them to the mortgagor upon payment is not sufficient to charge the latter with notice of the title to the note having been transferred, there being no assignment on record.</p> <p>4. Same — Evidence. The admission of evidence complained of is held not to require a reversal.</p> <p>5. Same — Assignment of Mortgage Not Recorded — Effect of Payments to . Original Mortgagee. Under the statute authorizing the payment to the mortgagee of “all matured interest or the principal debt itself” prior to the recording of an assignment, payments made by the mortgagor to the mortgagee and accepted by him upon the principal of a note which gives the right of making them at stated times upon 30 days’ notice are not rendered ineffective against an assignee, whose assignment is not recorded, because made a little later than the times indicated and without the giving of notice in advance.</p>