117 Kan. 395 | Kan. | 1925
The opinion of the court was delivered by
This controversy involves the question whether detached interest coupons of notes secured by a mortgage, which coupons have been paid by the payee and guarantor but not by the maker, constitute a lien on the mortgaged property ratably with the mortgage. The trial court held they did not. Their owner, Nuzman, appeals.
■ The facts are, substantially, that James E. Lawson and wife executed and delivered to J. L. Pettyjohn & Co. their notes and
In support of his contention the defendant Nuzman cities Champion v. Investment Co., 45 Kan. 103, 25 Pac. 590. The facts in that case are very different from those here. There, the note and mortgage were indorsed and transferred without recourse; here, the notes and coupons were guaranteed by the payee to the purchaser, and at maturity were paid by the payee to the purchaser. There, the coupons were not paid at the place designated; here, the coupons were paid at the place named. There, the coupon was not paid by the payee, but by a third party; here, they were paid by the payee. There, the payee was not in any way liable on the note, mortgage or coupon; here, the payee was legally liable. There, the owner of the note and coupon knew that the coupon was not paid by the makers of the note and coupon, but by a third party, and at a place other than that named as the plgce of payment; here, the owner of the notes and coupons did not know the coupons were not paid by the makers, but presumed they were'. There, the owner of the coupon knew it was paid by one not legally liable thereon; here, the owner had no such knowledge. The Lawsons,
The appellant also cites City of Atchison v. Butcher, 3 Kan. 104; Richardson v. McKim, 20 Kan. 346; Watkins v. Williams, 63 Kan. 30, 64 Pac. 976; Nuzman v. Bennett, 115 Kan. 766, 227 Pac. 900; Miller et al. v. R. & W. R. R. Co., 40 Vt. 399; Wing v. Insurance Co., 181 Mo. App. 381; Whitney v. Low, 59 Neb. 87, and others. These authorities are not applicable in the instant case.
No particular equities appear in favor of Nuzman who purchased the coupons at bankrupt sale after their maturity, and after the plaintiff Carson had filed his action to foreclose the mortgage. He took no greater rights than Pettyjohn & Co. had. As Pettyjohn & Co. could not have had priority of lien with the plaintiff Carson, neither is Nuzman in position to assert such priority right. The record presents no error. The judgment is affirmed.