17 N.M. 530 | N.M. | 1913
OPINION OP THE COURT.
In her brief, appellant discussed four propositions upon which she relies for a reversal of" the judgment. Other questions are raised by the assignment of errors, but as they are not discussed in the brief, they will be deemed to have been waived. •
“The transfer of a negotiable promissory note, by endorsement and delivery merely, where endorsed in blank or payable to bearer, the payment of which is secured by a mortgage or deed of trust, carries with it, in equity, the mortgage or deed of trust securities. The endorsee of the promissory note is entitled to the benefits of such mortgage, whether an assignment of the same is made or not.”
Daniels, in his work on Negotiable Instruments, vol. 1. page 558, saj^s:
“The assignment of any particular claim is considered an equitable assignment of all securities held by the assignor to assure it.” See also Jones on Chattel Mortgages, p. 449. So that even though it be held that Medler did not transfer the bill of sale to Wilkerson, under the rule above stated, Wilkerson was entitled to the benefit of all the securities held by Medler to assure the payment of the note.
The third point discussed is that there was joined in the complaint inconsistent causes of action. However, no advantage was sought to be taken, in the1 lower court, of such fact, if it existed, and it is too late to raise it for the first time on appeal.
Finding no error in the record, warranting a reversal, the judgment of the lower court is affirmed, and it is so ordered.