101 Iowa 181 | Iowa | 1897
II. It is next insisted that the mortgage to Steckel was never delivered. It is claimed that the instrument was handed to Steckel in trust for the benefit of both parties, and that it waso not to take effect until the happening of some future contingency. As against this claim we have undisputed evidence of the actual delivery of the instrument to the trustee, and also a preponderance, as we think, to the effect that it was the intent of all parties that this should amount to a present delivery. Delivery in law is, of course, largely a matter of intent, and, looking to the record, we find abundant evidence that all the parties signed the note, and became bound on their contracts of indorsement on the faith of the validity and effectiveness of the surety afforded by the mortgage. True, there was some talk about ■ whether or not it should be presently recorded. But this relates to another branch of the case, and we will not consider it here.
VI. Again, there is more than a probability that all creditors will in the end be protected. True, the assignee sold the property for five thousand, five hundred dollars, but objections were filed to the approval of this sale, on the account of the inadequacy of price. It was bid off by a representative of the Bloomfield Bank, and upon the coming in of the objections to this sale, the representative agreed with some of the beneficiaries of the mortgage, that if they would not object to the sale, they should all hold the property as a syndicate, should sell it, and divide the amount realized over and above the five thousand five hundred dollars between them in proportion to the amount of their respective claims. The property now held by this syndicate, is valued at eighteen thousand dollars, which seems to be a fair, if not a low price for it.