Commercial Bank v. Jackson

Citations

• 9 S.D. 605
• 70 N.W. 846
• 1897 S.D. LEXIS 113

Syllabus

<p>1. An averment that certain notes were held by plaintiff as collateral security, in an answer to a complaint alleging that plaintiff owned them, is not available to plaintiff to dispense with proof that the notes were held as collateral.</p> <p>2. Defendant’s indebtedness to plaintiff bank was secured by trust deeds of land to its cashier. The land was sold, and the purchase-money mortgage and notes turned over to the bank, whereupon the cashier sent defendant a statement of account, reciti ng the terms on which the notes ' were held by plaintiff. Held, in an action to foreclose the mortgage, that such recitals were an admission by plaintiff.</p> <p>3. It will be presumed that the law of Illinois in respect to the order of payment to holders of notes secured by the same mortgage out of the proceeds of foreclosure is the same as that of South Dakota, where rights under a mortgage on lands in South Dakota are governed by a contract executed in Illinois.</p>