Lincoln County State Bank v. Martin

Citations

• 112 Wash. 186
• 191 P. 815
• 1920 Wash. LEXIS 699

Syllabus

<p>Mortgages (116)—Satisfaction—Payment of Debt. Mortgage notes that were assigned to a bank as collateral security for the payee’s debt to the bank, and thereafter assumed by the purchaser of the mortgage security, are not paid and satisfied until payment of the bank debt for which they were held as collateral, notwithstanding both the original payee and maker were discharged hy the transaction.</p> <p>Pledges (15)—Action to Enforce Right of Action Pledged. Where mortgage notes are assigned to a bank as collateral security for a note due the bank, the bank may maintain ah action to foreclose the mortgage for the amount due on the bank note.</p> <p>Mortgages (67)—Construction and Operation—Record of Mortgage as Notice. A married woman, taking a deed of property covered by a duly recorded mortgage, is bound to take notice of the mortgage and takes subject thereto, even if she had no actual notice and took the property as her separate estate.</p> <p>Same (120)—Payment—Change in Form of Debt. The fact that notes were secured by mortgage collateral and superseded by renewal notes would not change the form of the debt or affect the security.</p>