82 Wis. 313 | Wis. | 1892
The rents and profits of lands are not pledged by a mortgage of the lands merely, but belong to the owner of the equity of redemption until the court, for equitable reasons, shall appoint a receiver to collect them for the benefit of the mortgagee, or directs the receiver to take possession of the mortgaged premises and the rents and profits of the same, to the end that the rents realized may be applied to the payment of any deficiency that may
The tenant, Smith, one of the appellants, stands in the position of a purchaser or lessee pendente lite from the mortgagor defendant, and had constructive' notice of the action to foreclose by the filing of the notice of Us pendens, and took subject to whatever order or decree the court might lawfully make affecting either the title or possession. He could not get any better right than his lessor, the mortgagor defendant, had. It matters not that he did not know, as he says, that there was any intention to apply for the appointment of a receiver. He knew, or is chargeable with knowledge, that the court'might make such an appointment, and that whatever interest he might acquire in the possession and use of the premises might thereby be
Unless the tenant, Smith, attorns to the receiver and pays rent for the use of the premises from and after the date of the order appointing the receiver, he must surrender possession. The order of the circuit court was correct and must be affirmed.
By the Court.— The order of the circuit court is affirmed^