Wagoner Nat. Bank v. Welch

Citations

• 164 F. 813
• 90 C.C.A. 589
• 1908 U.S. App. LEXIS 4680

Syllabus

<p>1. Chattel Mortgages (§ 162*) — Mortgaged Personal Property — Mortgagee has Right to Possession after Default until Payment op Debt.</p> <p>Where a mortgagee is rightfully in possession of mortgaged personal property after default, he has the right to retain possession until the mortgage debt is paid by the sale of the property or otherwise, and it is error to adjudge him to pay to the mortgagor the difference between the amount of the mortgage debt and the value of the mortgaged property.</p> <p>The right of the mortgagor to the possession of the property is conditioned by the payment of the mortgage debt, hut the right of the mortgagee to its possession is not conditioned by his payment of the difference between the value of the property and the amount of the mortgage debt.</p> <p>Note. — Por other cases, see Chattel Mortgages, Cent. Dig. § 286; Dec. Dig. § 162.*]</p> <p>2. Judgment (§ 251*) — Judgment Must Accord with Pleadings and Prayers Therein.</p> <p>A valid judgment must accord with the pleadings, and must rest upon a determination of the issues which they present.</p> <p>A judgment against a party to an action for the value of specific personal property may not be sustained upon pleadings which raise no issue concerning its value and contain no prayer for such a recovery, but demand a return of the property by the marshal in whose possession it is.</p> <p>[Ed. Note. — For other cases, see Judgment, Cent. Dig. § 432; Dec. Dig. § 251.*]</p> <p>(Syllabus by the Court.)</p>