Plunkett v. Hanschka

Citations

• 14 S.D. 454
• 85 N.W. 1004
• 1901 S.D. LEXIS 44

Syllabus

<p>1. Where plaintiff, on taking a chattel mortgage securing twelve notes, placed a United States revenue stamp on each note, but none on the chattel mortgage, without intent to defraud the revenue, but with the belief that the stamps on the notes, were sufficient, the mortgage was valid and binding upon the parties in a state court.</p> <p>2. Comp. Laws, § 4389, provides that, when mortgaged personalty is levied on before the property is taken, the officer must pay or tender the. amount of the mortgage debt, or deposit the amount with the county treasurer to the order of the mortgagee. An execution was levied on certain mortgaged property in possession of the mortgagee. The judgment creditor and the sheriff had full knowledege of the existence of the mortgage. No tender was made of the amount due, and no' deposit was made with the county treasurer. Held, that the mortgagee was not estopped to claim such property, to the extent of his mortgage lien, by delivering to the sheriff a receipt for the property, conditioned that on default in redelivery he would pay the amount of the execution.</p>