33 Iowa 368 | Iowa | 1871
I. The decree in this case must be reversed. Teager’s mortgage, under the facts found, is entitled to priority. While it is found that plaintiff’s mortgage was first recorded, it is also found that his assignor ■ — ■ the mortgagee under whom he claims — had actual notice of the defendant’s mortgage. Plaintiff’s mortgage being first recorded would have priority unless his assignor at the time he took his mortgage had actual notice of appellant’s mortgage. English v. Waples, 13 Iowa, 57. The court distinctly finds that he had such notice.
It is argued, however, by appellee that appellant’s mortgage being dated two days later than plaintiff’s is not prior in fact. But the finding of facts shows that on the 10th of October, 1868, Hammond bought-the mortgage premises of Jones, from whom he then obtained a deed, and to whom he then, on the 10th, made a mortgage; that Beynolds, the assignor of plaintiff, was present when this deed and mortgage were made, and after
II. It is insisted, on part of appellee that, though Reynolds had actual notice of the mortgage to Jones, the one now held by appellant, that the plaintiff purchased it in good faith, relying upon the record which showed that the Reynolds’ mortgage was recorded prior to the one to Jones.
The assignment of the mortgage by Reynolds to plaintiff was the assignment of a chose in action, and not an interest in lands. The mortgage was a mere chattel interest, and, though assignable, the assignee stands in no better situation than did the mortgagee, his assignor. The plaintiff purchased his mortgage and parted with his money after defendant’s mortgage was recorded, and could, therefore, be in no better situation than his assignor, and could claim no greater or other equities. See English v. Waples, sugpra, which expressly decides this doctrine.
The decree of the circuit court will be reversed, and the
Reversed.