University State Bank v. Steeves

Citations

• 85 Wash. 55
• 147 P. 645
• 2 A.L.R. 237
• 1915 Wash. LEXIS 1254

Syllabus

<p>Chattel Mortgages — Record—Notice. A chattel mortgage of record in the proper registration office, and unsatisfied of record, is constructive notice to those subsequently becoming interested in the property, that the debt secured thereby has not been wholly paid.</p> <p>Subrogation — Right of Mortgagor — Paying Debt After Sale of Property. Where a mortgagor of personalty, having transferred the property subject to the mortgage, was subsequently compelled to pay the mortgage indebtedness, and took an assignment of the note and mortgage, the debt was not thereby discharged, but he was entitled to be subrogated to all the rights of the mortgagee and he or his assignees could enforce foreclosure.</p> <p>Subrogation — Extent of Doctrine. The right of subrogation is not limited to sureties and quasi sureties, but is freely applied by courts of equity in all cases where good conscience and equity dictate that a debt paid by one under any sort of legal coercion ought to be paid by another.</p>