117 Iowa 22 | Iowa | 1902
There is no special dispute as to-the facts. The principal contention of the parties arises over inferences drawn from the facts. The firm of H. Oars-tens & Son were the owners of a stock of merchandise in the city of Davenport. On November 2, 1896, they made a mortgage thereon to Beals, Torrey & Oo., creditors, who later assigned said security to S. W. Pierce. In the months of March and June of the year 1899, H. Oars-tens & Son borrowed of a bank the aggregate sum of $1,450, giving their notes as security therefor. The defendant, John F. Hamann, signed these notes, apparently as joint maker, but in fact as surety. October 6, 1899, Oarstens & Son executed a chattel mortgage on the stock of defendant to secure him for these indorsements and . on the same day followed this with a bill of sale also made and delivered to defendant, covering their entire stock. Defendant at once sold said stock to his son, and, a short time after, paid the notes to the bank. On October 7, 1899, defendant, Hamann, came into possession of the Pierce mortgage, — as he claims, by assignment, but, as the trial court finds, by payment thereof. November 2, 1899, the creditors of Oarstens & Son instituted proceedings in
In the Barbour Case, it is said: “The obvious meaning of the provision is to require the concurrence of the creditor who gets security for his debt in the purpose of defeating the bankrupt act. ”