First National Bank v. McIntosh & Peters Live-stock & Commission Co.

Citations

• 72 Kan. 603
• 84 P. 535
• 1906 Kan. LEXIS 364

Syllabus

<p>SYLLABUS BY THE COURT.</p> <p>1. Contracts — Bailment—Sale. If the owner of cattle deliver them to another to be fed under an express agreement that the only interest of such other person in the cattle is what he may put on them, the transaction is a bailment and not a sale.</p> <p>2. --- Agreement of the Parties — Construction. Whenever parties themselves define the limits of their rights and obligations in respect to the ownership, custody and care of a herd of cattle the compact controls, and there is no room for the application of a legal theory which might govern in the absence of an express agreement.</p> <p>3. Chattel Mortgages — Interest of Bailee. If the bailee of cattle under an agreement like that referred to in paragraph 1 attempt to mortgage his interest in them at a time when they have gained nothing, the mortgage is void for .want of a thing to be mortgaged.</p> <p>4. --■ Property to be Created or Acquired. In order that a chattel mortgage may affect property to. be created or acquired by the mortgagor subsequently to the making of the instrument it must expressly declare such to be its purpose, and when the property is brought into existence, or is acquired by the mortgagor the mortgagee must take actual possession of it before the claims of third persons attach.</p>