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eBook details

• Title: Morton v. Union Central Life Ins. Co.
• Author : Supreme Court of Montana
• Release Date : January 01, 1927
• Genre: Law,Books,Professional & Technical,
• Pages : * pages
• Size : 73 KB

Description

Conversion ? Mortgages on Farm Lands ? Subsequent Chattel Mortgage on Crops ? Rents, Issues and Profits ? When Holder of Mortgage on Land not Entitled to Crops ? Equity ? Constructive Trusts. Chattel Mortgage ? Crops ? Statutory Method Exclusive. 1. Annual crops are usually treated as chattels personal, subject to sale or mortgage and levy of execution as other chattels are, even while still annexed to the soil, and are not included within the definition of real property; they are mortgageable as personal property and the method thereof prescribed by section 8290, Revised Codes of 1921, is exclusive. Real Estate Mortgage not Constructive Notice to Chattel Mortgagee on Crops. 2. The record of a real estate mortgage on farm land imparts no constructive notice to a chattel mortgagee of the crops subsequently grown upon the land. Same ? Provision That Mortgagee Entitled to Rents and Profits on Default of Mortgagor ? Effect on Lien Subsequently Acquired. 3. Where a mortgage on farm lands provides that upon failure of the mortgagor to pay any one of the mortgage notes at maturity - Page 594 the entire debt shall at the option of the mortgagee at once become due and payable without notice and the latter shall be entitled to the immediate possession of the premises and to receive rents, issues and profits thereof, etc., the mortgagee does not thereby obtain a lien on the rents and profits which prevents a subsequent one from becoming superior in the absence of some action on the part of such mortgagee to reduce the rents and profits to his possession. Same ? Failure of Mortgagee to Take Possession on Default of Mortgagor ? Effect on Right to Crops Grown Thereon by Tenant of Mortgagor. 4. Held, under a mortgage on farm lands providing that the mortgagee was entitled to immediate possession of the premises if any one of the mortgage notes should remain unpaid at maturity and to receive the rents, issues and profits thereof, that conceding that the mortgagee in such event could impose a lien on the mortgagors (landlords) share on the crop standing on the premises in possession of a tenant, as additional security for the payment of the debt, actual and continued possession of the land by him was essential to the creation and maintenance of such lien as against the claim of one who had taken a chattel mortgage on the crops after the execution of the mortgage on the land; constructive possession by way of filing a lis pendens in an action of ouster against the tenant being insufficient for that purpose. (JUSTICES MYERS and GALEN dissenting.) Equity ? Maxim That That Which Should have Been Done to be Regarded as Done ? To Whom Applicable. 5. The equitable doctrine that that which ought to have been done must be regarded as done does not operate in favor of every person, but only in favor of him who holds the equitable right to have the act performed, as against the one upon whom the duty of such performance has devolved. Mortgages ? Constructive Trust ? Basis is Fraud ? To Whom Doctrine Inapplicable. 6. The basis of a constructive trust is fraud, actual or constructive; hence where the act of a tenant of mortgaged land in refusing to deliver possession thereof to the mortgagee on demand based on a provision in the mortgage entitling him to possession on failure of the mortgagor to pay one of the mortgage notes, resulting in ouster proceedings, did not fall within the statutory definition of either actual or constructive fraud, the contention of the mortgagee that the tenant by his wrongful act in withholding possession became a constructive trustee and that his possession after demand was the possession of the mortgagee cannot be sustained. Same ? Conversion of Crops Grown on Mortgaged Land ? Complaint Insufficient for Failure of Allegation That Plaintiff had Created Lien by Taking Possession. 7. In an action in conversion to recover the value of grain delivered to an elevator upon which plaintiff held a chattel mortgage

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