Edinburgh-American Land Mortgage Co. v. Noonan
Edinburgh-American Land Mortgage Co. v. Noonan
Opinion of the Court
The trial court found that the mortgage to foreclose, which this action was brought had been fully paid
By properly admitted and practically uncontradicted testimony, too voluminous to warrant repetition, payment of the entire mortgage indebtedness to Scougal & Co. stands proved, and among the facts from which the court determined that such payment bound appellant are the following: During a period of 10 consecutive years immediately preceding' the 10th day of October,- 1892, George R. Scougal as the manager of the bank, had negotiated-for appellant about 700 loans, aggregating more than $200,000, secured by mortgages on real property situated in this state and Nebraska, all of which, including interest coupons, were made payable to the order of appellant .at its principal American agency in the city of New York. ' All the usual and necessary printed forms, including mortgage satisfaction blanks, were furnished by appellant to Scougal & Co., who alone considered applications, with full authority to accept or reject loans, draw and record papers, pay over money to mortgagors, and collect the interest and principal as fast as the same-matured. The loan in question was thus made, and all payments of interest coupons, as well as the principal sum, were made to Scougal, or the bank of which he was general manager. There is nothing to indicate that any payments were ever made to any one else, and it clearly appears that the entire business was to a great extent left to the discretion of Scougal, and conducted in conformity with his views. He appointed persons to report prospective borrowers, procured and passed upon ab
Reference
- Full Case Name
- Edinburgh-American Land Mortgage Co., Limited v. Noonan
- Status
- Published
- Syllabus
- A foreign mortgage company had made in 10 years loans aggregating more than $200,000, through an agent having full authority to accept or reject loans, draw and record papers, pay over money to mortgagors, and collect the interest and principal as they matured. No payments were made to any one else, and the satisfactions were sent to the agent for delivery to the mortgagor on payment or renewal. Only one mortgage was given in each instance, and the agent’s commissions were paid out of interest collected on coupons. The name of the ag'ent was printed in bold type on the face of alt notes taken, and when paid the notes were cancelled by him. Held, that apayment in full to such agent by a mortgagor to whom notice of termination of the agency had not been communicated operated as a satisfaction of the mortgage.