138 Iowa 553 | Iowa | 1908
On December 13, 1905, E. E. Snyder, who operated the Bank of Olin as a private bank, executed a general assignment for the benefit of creditors with L. M. Carpenter as assignee. Lot twelve and the south half of lot sixteen of Highland Park in the city of Des Moines was part of the estate, but the deed to E. E. Snyder, under which he acquired title, had been deposited with E. W. Port under the following circumstances: In 1903 Snyder having a portion of the funds of the county deposited in his bank executed a bond conditioned to hold the county treasurer harmless by reason of such deposit or deposits, as exacted by section 1457 of the Code, with Port, Lamb and others as sureties. At the same time, to protect all the' sureties against losses, the principal delivered to Port and Lamb, as security, several promissory notes, together with the above-mentioned deed accompanied with this writing: “ Olin, Iowa, Nov. 25, 1903. The inclosed papers are deposited with K. T. Lamb et al., to secure them against any loss by reason of signing my bonds as a county depository. This includes the Des Moines property, which is pledged to them as above stated. Edwin E. Snyder.” Afterwards Port turned them over to Lamb'. A new bond with the claimants herein as sureties was executed in 1904. Then
Under our system of registry, however, possession of title deeds is of no real importance to the owner of the estate. He can convey the land without them. They are not necessary in order to ascertain the condition of the title. For all practicable purposes, certified copies of the record copies will serve as well .as the originals. The conditions which lead to the recognition of the doctrine in England are entirely wanting in this country. It is not in harmony with our system of conveyancing and registry. The object of that system is to afford security to titles by a public record, which parties dealing with land may, and for their own protection must, examine, and on which they may rely. Secret transfers and liens are sought to be prevented thereby. For some or all of the foregoing reasons the courts of this country have quite generally rejected the doctrine, as will appear from an examination of the following authorities: Probasco v. Brooks Johnson, 2 Disn. (Ohio) 96; Van Meter v. McFaddin, 8 B. Mon. (Ky.) 435; Gardner v. McClure, 6 Minn. 250 (Gil. 167) ; Gothard v. Flynn, 25 Miss. 58; Meador v. Meador, 3 Heisk (Tenn.) 562; Lehman v. Collins, 69 Ala. 127; Bloomfield State Bank v. Miller, 55 Neb. 243 (75 N. W. 569, 44 L. R. A. 387, 70 Am. St. Eep. 381) ; Shitz v. Dieffenbach, 3 Pa. 233. In the last case decisions in several States often cited to the contrary are reviewed, and it is shown that though they have recognized the English doctrine, in none of them has it been applied. As it is conceded by the English authorities to be.in violation of the statute of frauds, and supported by precedent only, and is said to have occasioned much injustice, we are not inclined to adopt it, but the rather to follow the authorities of this country to the effect that the doctrine, because of our registry laws, has no applicability.