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42 Iowa 659

Paramore v. Nabers

Supreme Court of Iowa

Decided April 5, 1876

Supreme Court of Iowa · decided 1876-04-05

The petition in this case avers that on the 3rd day of May, 1870, defendants made their promissory note, payable to the order of John Wilson, for $1,433.33, due in two years, upon which is the following indorsement: “For value received, I hereby assign the within note to Gr. C. Paramore. “ May 16, 1871. [Signed] John Wilson.” That said note was given for part of the purchase money for certain real estate.

Decided 1876-04-05

Rothrock, J.

¶1The only question presented is, did the assignment of the note by the payee to the plaintiff operate as an assignment of the lien for the purchase money? It is well settled that if a debt is secured by an express lien, as where there is a mortgage, or where the vendor has not parted with the legal title but holds the same as security for the purchase money, an assignment of the debt entitles the assignee to the benefit of the lien. Hecht v. Spears, 27 Ark., 229, and authorities there cited; Rakestraw v. Hamilton, 14 Iowa, 147. “ As a general proposition, if a debt is secured by an express lien upon property by agreement of the parties, an assignment of the debt secured by such lien will give the assignee the benefit of such lien.” Washburn on Real Prop., vol. 1, p. 540.

¶2Affirmed.

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