124 Wis. 114 | Wis. | 1905
Error is alleged upon the ground that the municipal court lost jurisdiction of the case by adjournment
Was anything conveyed under the assignment from plaintiff to Ryan, since such assignment was made at the request of Lorenze under his purchase of the judgment from the plaintiff a year before ? It is shown that this assignment was so made upon agreement between plaintiff, Lorenze, and Ryan for the purpose of transferring whatever interest Lor-enze had acquired to the judgment under the written assignment to him, which was lost. Under these circumstances the transfer from plaintiff to Ryan operates to convey the interest of Lorenze to Ryan, and binds them as effectually as if such transfer had been made directly from Lorenze to Ryan. Ryan therefore stands in the position of, and has only the rights of, Lorenze in this judgment. The record shows that this note was originally given by Malone to Lorenze under an oral agreement made at the time of its execution to the effect that the note should not be deemed delivered and become operative until Lorenze should procure and submit to Malone a life insurance policy for his acceptance, and, if the policy was not accepted, this noté was to be returned to him. It appears that no such policy was ever submitted to and accepted by Malone, and the note was never delivered, and is wholly without consideration as between Lorenze and Malone. Under such circumstances the transfer of the note by Lorenze to an innocent purchaser can in no way deprive Malone of his equities against Lorenze. As between them there was simply a manual tradition of the paper. No completed delivery of the instrument was ever effected by compliance with the parol agreement. The note therefore never had a legal existence or furnished the basis for a legal obligation between them. Hillsdale College v. Thomas, 40 Wis. 661; Nutting v. Minnesota F. Ins. Co. 98 Wis. 26, 73 N. W. 432 ;.
By the Court. — The order of the circuit court is reversed, and the cause is remanded with directions to award petitioner relief in accordance with this opinion.