Hopkins Fine Stock Co. v. Reid
This text of 75 N.W. 656 (Hopkins Fine Stock Co. v. Reid) is published on Counsel Stack Legal Research, covering Supreme Court of Iowa primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Opinion
[79]*79
[80]*80
IV. The claim of the appellee is that the description does not, expressly cover the future increase, and that it might well he held to mean only such foals of the mares as were in existence at tbe time the mortgage was made. Defendant, as we have said, seized this stock on an execution issued upon a judgment against McKie, and he is claiming the property under this levy. He is held to notice of the instrument and its recitals. Now, what impression or knowledge would he naturally get from this description ? Would one suppose from reading it that the mortgage covered the animals described, and others, — neither kind or number mentioned, — that were in existence at time; or would he reasonably conclude that the mares and any addition or augmentation to their number they might thereafter make, by giving birth to foals were intended to he included ? It is not a question whether one can, by a refinement of reasoning, extract a particular dubious meaning from the language used here, but rather, what is its plain common sense signification? We have held that a chattel mortgage will not cover after-acquired property unless the intention so [81]*81to clo is clearly expressed. Following this rule, it was decided in McArthur v. Garman, 71 Iowa, 34, that a mortgage of a horse and “all earnings, whether by premium or otherwise,” would not cover future earnings. And in Lormer v. Allyn, 64 Iowa, 725, we held that a description of “all books of account and rights of credit arising out of said business would not include 'rights of credit’ arising or accruing after the execution of the mortgage. We are asked to go further in this case than in either of those cited, and this we have no disposition to do. In Thompson v. Anderson, 94 Iowa, 554, in which we held the description in the mortgage to include the future increase of animals, the language of the instrument was 'all the horses, colts, cattle, hogs, together with all increase of the above until the obligation named below is fully paid.’ ” Reasoning not as subtle as that indulged in by appellee would warrant a construction that the words “until the obligation below is fully paid” qualified the right of the mortgagee to hold the property conveyed, rather than fixed a future period, during which the accessions by birth were to be made.. If this construction is correct, the case last cited affords direct support for our holding that the description in the mortgage in dispute was sufficient to include the future increase of the animals described. We are content, however, to rest our decision on principle alone. The court below, in holding the description in the mortgage insufficient to cover and include the animals in dispute, was in error; and, because of this, its judgment is reversed.
Free access — add to your briefcase to read the full text and ask questions with AI
Related
Cite This Page — Counsel Stack
75 N.W. 656, 106 Iowa 78, Counsel Stack Legal Research, https://law.counselstack.com/opinion/hopkins-fine-stock-co-v-reid-iowa-1898.