First Nat. Bank v. Peavy Elevator Co.

Citations

• 10 S.D. 167
• 72 N.W. 402
• 1897 S.D. LEXIS 33

Syllabus

<p>1. The national banking laws do not prevent a national bank from selling on credit grain owned by it, and acquiring a seed-grain, lien for the price, under a state statute.</p> <p>2. Conceding that they do not contain such a prohibition, a national bank may nevertheless acquire such a lien if the federal government does not object.</p> <p>3. A complaint to enforce a seed-grain lien is insufficient' where it fails to allege when the grain was furnished, or that the grain in suit was produced from the seed furnished, or that a notice or account was filed in the county where the buyer resided, or, if filed, that the filing was within 30 days after delivery of the seed. Comp. Laws, §§ 5490-5493.</p> <p>4. The absence of such allegations was not cured by-recitals in the notice or account.</p> <p>5. Comp. Laws, § 5492, provides that notice of a seed-grain lien shall describe the land on which the seed has been sown, and Sec. 5493 provides for the filing of the notice the same as a chattel mortgage, and declares that, when filed, it is notice to all subsequent purchasers or incumbrancers. Held, that a description substantially as follows: “Lands owned, occupied, rented, or used by me, and lying and being in the county of McCook, state of South Dakota, to-wit, the N: E. i (quarter) section 9, in township 104 north, of range 36 west, and N. E. I 18-104-56,” — was sufficiently definite.</p>