Blank v. Michael

226 N.W. 12 | Iowa | 1928

Lead Opinion

The mortgagors take the position that by their conveyance of the mortgaged premises the grantee assumed to pay the mortgage when due; that mortgagee, with knowledge of such agreement, extended the time of payment of the mortgage and 1. MORTGAGES: note secured thereby without mortgagors' transfer of knowledge or consent, and thereby mortgagors property: were released. This question is in this assumption jurisdiction stare decisis, adverse to of debt by mortgagors' contention. Corbett v. Waterman, 11 vendee: Iowa 86; Massie v. Mann, 17 Iowa 131; James v. extension Day, 37 Iowa 164; Robertson v. Stuhlmiller, 93 of time: Iowa 326; Iowa Loan Trust Co. v. Haller, 119 effect. Iowa 645; Herbold v. Sheley, ___ Iowa ___ (224 N.W. 781); Iowa Title L. Co. v. Clark Bros., ___ Iowa ___ (224 N.W. 774). The mortgagors further contend that 2. ALTERATION the extension agreement operated as a material OF alteration of the note and mortgage sued upon, INSTRUMENTS: and therefore invalidated them. This contention nature of is untenable. Cresco Union Sav. Bank v. Terry change: Terry, 202 Iowa 778. The mortgagors further urge extension that the extension agreement operated as a of time of novation. The mortgagors were not parties to the payment. extension agreement. As there was no express agreement to extinguish their obligation and substitute a new one, or to release them, and as in this jurisdiction such an agreement is not implied, there was no novation. 3. NOVATION: Richardson v. Short, 201 Iowa 561; Shult v. requisites: Doyle, 200 Iowa 1; Davis v. Hardy, 76 Ind. 272, affirmative 276; 46 Corpus Juris 600 et seq.; Hopkins v. showing Jordan, 201 Ala. 184 (77 So. 710); Fish v. required. Glover, 154 Ill. 86 (39 N.E. 1081). CompareNelson v. Hudson, 221 Mo. App. 211 (299 S.W. 1111); Callaham v.Ridgeway, 138 S.C. 10 (135 S.E. 646). — Affirmed.

ALBERT, C.J., and EVANS, STEVENS, FAVILLE, and WAGNER, JJ., concur.

De GRAFF, J., dissents.






Dissenting Opinion

As a basis of my dissent, I urge *404 the reasons stated in a dissent filed in Iowa Title L. Co. v.Clark Bros., ___ Iowa ___ (224 N.W. 774), cited in the majority opinion herein. The facts in the instant case are quite analogous to the facts in the Iowa Title L. Co. case, supra.

midpage