Richards Trust Co. v. Rhomberg

Citations

• 19 S.D. 595
• 104 N.W. 268
• 1905 S.D. LEXIS 85

Syllabus

<p>1. One who purchases a note and mortgage and has her name filed in as indorsee of the note and assignee of the mortgage, and reduces the note and mortgage into her actual possession, is not required to record the assignment, or give notice of the same, in order to protect her interest therein as against subsequent purported assignees of the mortgage.</p> <p>2. An assignee of a mortgage who takes posesssion of the note and mortgage through her husband as her agent, and has her name; filed in as indorsee of the note and assignee of the mortgage, and leaves the papers in her husband’s possession, is not negligent in failing to make inquiries of her husband as to their whereabouts.</p> <p>3: One buying a mortgage from a person not in possession of'either the note or mortgage must exercise more than ordinary diligence to ascertain who is in,possession of the note and mortgage, especially when the assignment under which he claims only describes the mortgage, and makes no reference ‘to the note.'</p> <p>'4. One who purchases a mortgage' without also acquiring the mortgage debt is presumed to know that lie takes no title, and cannot .Claim that he was misled by the fact that a prior assignee of the mote ' and mortgagee, who had reduced the same to her possession, had failed to record her assignment.</p>