Hayden v. Speakman

Citations

• 20 N.M. 513
• 150 P. 292

Syllabus

<p>SYLLABUS BY THE COURT.</p> <p>1.An assignment of a mortgage from the mortgagee, named in the mortgage, to a third party, must be placed of record in the county where the land covered by the mortgage is situate, in order to protect the’ rights of said third party against purchasers in good faith dealing with the mortgagee, who fails to disclose the fact of the assignment; such purchaser being without notice of such unrecorded assignment.</p> <p>P. 518</p> <p>ON REHEARING.</p> <p>2. Sections 3953, 3954, and 3955, Comp. Laws 1897, do not require the recordation of an assignment of a mortgage- securing the payment of a negotiable promissory note, in order to protect the holder of such note from payments made- by the, mortgagor, or subsequent purchaser of the real estate, to the original mortgagee.</p> <p>P. 526</p> <p>3. A party making payment upon a negotiable promissory note should insist upon the presentation of the paper by the party to whom the payment is made in order to make sure that it is at the time in his possession and not outstanding in another, and if he fails to do so the payment is wholly at the risk of the- payor.</p> <p>P. 522</p>