Wells, Fargo & Co. v. Alturas Commercial Co.
Wells, Fargo & Co. v. Alturas Commercial Co.
070rehearing
ON EEIÍEAEING.
— The petition for rehearing presents no question which was not fully considered either on motion to dismiss or on the original hearing. The motion to dismiss was based upon the ground that briefs were not served within the time required by the rules, and that the transcript was not in chronological order, which motion was denied. It is now insisted that the court should, of its own motion, have dismissed the appeal, for the reason that no evidence of service of appeal is contained in the transcript. A complete answer to this contention is that the appellants, on suggestion of diminution of the record, were permitted to bring up a certified copy of the original notice of appeal and proof of service thereof, from which it appears that the notice of appeal was served upon all of the defendants and interveners. We are fully convinced that the decision herein is correct, and, no reason being shown why a rehearing should be granted, the petition therefor is hereby denied.
Opinion of the Court
(After Stating the Facts.) — It is conceded by the appellants that the judgment, in so far as it dismissed the action against the attaching creditors Simmons Hardware
The plaintiffs must account in this action for what was paid on their mortgage debt by the mortgagor, and also for the proceeds of sales made by plaintiffs under their mortgage, whether for eash or on credit, from which the actual and reasonable expenses of making such sales shall be deducted. And judgment foreclosing plaintiffs’ mortgage must be made and entered, and the proceeds of sale of the mortgaged property, less the expenses of making the sale, either by said private sales or under the judgment of foreclosure, shall be applied on the mortgage debts aforesaid in the priority above named. The judgment is affirmed as to the defendants
Reference
- Full Case Name
- WELLS, FARGO & CO. v. ALTURAS COMMERCIAL COMPANY (MERCHANT & CO., Interveners)
- Cited By
- 4 cases
- Status
- Published
- Syllabus
- Chattel Mortgage — Recording—Actual Notice. — A junior mortgagee, wlio takes his mortgage with actual notice of the existence of another mortgage upon the same property, and. with the understanding that the lien of his mortgage is subject to that of such iormer mortgage, is not entitled to precedence on the grounds that such former mortgage was not filed of record in the proper county recorder’s office prior to the time that his mortgage was filed in such office. Same — Good Between Parties — Good Against Junior Mortgagee Who Has Actual Notice. — A chattel mortgage upon a stock of merchandise, under the terms of which the mortgagor retains possession and sells in the usual course of trade, applying proceeds of sale less expenses thereof to the mortgage debt, is valid as between the parties and privies thereto, and as against junior mortgages of the same kind, taken with actual notice of such former mortgage. Same — Estoppel.-—A mortgagee who takes a mortgage upon a stock of merchandise, which mortgage authorizes the mortgagor to retain possession of the mortgaged chattels, and sell the same in the usual course of business, and who knows of a similar, prior existing mortgage upon the same chattels, and agrees that his mortgage lien shall he subject to the lien of such former mortgage, is estopped from questioning the validity of such former mortgage. (Syllabus by the court.)