Foster

Commercial & Savings Bank of Stockton v. Foster

Bad Law
1930 Cal. LEXIS 354·210 Cal. 76·290 P. 583
Supreme Court of CaliforniaJuly 26, 1930Docket No. Sac. 4305.California2,538 words

Opinion

Lead Opinion

This action in claim and delivery was brought by plaintiff bank to recover possession of" certain registered dairy stock, described by name in the complaint, or its value in case possession cannot be had. After trial by the court, a jury having been waived, the plaintiff was awarded judgment as prayed for, and the defendant appeals therefrom upon a record prepared according to the alternative method.

The claim of plaintiff to the right of possession of the cattle arises out of a chattel mortgage, executed by defendant, the then owner of the cattle, to secure a promissory note in the sum of $1250. The plaintiff contends that the mortgage likewise secures a subsequent note of $600, under a clause to secure future advances found in the mortgage. The $1250 note and the mortgage were executed April 1, 1925, in San Joaquin County, California. The mortgage was recorded in that county April 2, 1926. The $1250 note was a three-month note at seven per cent interest, said interest being payable monthly and the note containing the usual acceleration clause in case of default. The mortgage contained a clause that in ease of default the mortgagee “may take possession of said property, using…

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