Navajo Live Stock & Trading Co. v. Gallup State Bank

Citations

• 26 N.M. 153
• 189 P. 1108

Syllabus

<p>SYLLABUS BY THE COURT.</p> <p>1. The pledgee of negotiable promissory notes of the as-signee and chattel mortgage semiring the same is entitled to recover of the parties to such collateral notes the whole amount of their face, holding any surplus for the benefit of the persons who are entitled to it; there being no equities existing between the maker of the notes and the original payee. P. 156</p> <p>2.' The pledgee of property has the control of it for the time being, and he represents not only his own interests, but that of the pledgor, in taking any proper action for the preservation of it and the collection and care of its proceeds. P. 156</p> <p>3. Where proceedings are taken by the pledgee of promissory notes and a chattel mortgage regularly assigned securing said notes held by the pledgee as collateral security to foreclose the mortgage, the maker of the notes and the mortgagor attempting to redeem, in order to exrcise the right, were required to pay or tender all that was justly or equitably due under the mortgage, together with interest, if any due, and the expenses and costs directly and reasonably incurred by the pledgee in attempting to foreclose the s^une; the mortgage providing that the mortgagor upon default should pay such costs, expenses, and attorney’s fee, and a tender of the amount due in order to effect redemption should have included such costs, expenses, and attorney’s fee. u P. 157</p> <p>4. Whoever has the affirmative of the issue, as determined by the pleadings, or, where there are no pleadings, by the nature of the investigation, has the burden of proof. It never shifts from that party either in civil or criminal cases. P. 159</p>