Edinburgh-American Land Mortgage Co. v. Noonan

Citations

• 11 S.D. 141
• 76 N.W. 298
• 1898 S.D. LEXIS 89

Syllabus

<p>A foreign mortgage company had made in 10 years loans aggregating more than $200,000, through an agent having full authority to accept or reject loans, draw and record papers, pay over money to mortgagors, and collect the interest and principal as they matured. No payments were made to any one else, and the satisfactions were sent to the agent for delivery to the mortgagor on payment or renewal. Only one mortgage was given in each instance, and the agent’s commissions were paid out of interest collected on coupons. The name of the ag'ent was printed in bold type on the face of alt notes taken, and when paid the notes were cancelled by him. Held, that apayment in full to such agent by a mortgagor to whom notice of termination of the agency had not been communicated operated as a satisfaction of the mortgage.</p>