77 Iowa 681 | Iowa | 1889
On the eleventh day of April, 1883, Richard Keown made and delivered to J. J. Tomson four promissory notes, and to secure their payment executed and delivered a mortgage on the land in controversy. The first note was for five hundred dollars, and was payable March 1, 1885. The second was for a like amount, and was due one year later. The third and fourth notes were for eleven hundred dollars each, and were payable, respectively, on the first day of March,
I. The mortgage in question contains no provision in regard to the priority of the notes it was designed to secure, other than the recital as to the respective dates on which they became payable. It is insisted by appellant that by the rules announced in numerous decisions of this court the proceeds of mortgaged property sold under special execution to satisfy a mortgage debt made up of different notes should be applied to the payment of such notes in the order of their maturity, and that one sale of the mortgaged premises exhausts the lien of the mortgage. The rules may be conceded to be as claimed, excepting in cases modified by special circumstances. It is further contended by appellant that