The Princeton union. [volume] (Princeton, Minn.) 1876-1976, 1881-02-24
Vermont Equity.

Vermont Equity.
There Mes certain Vermont farmer
named Brown, who owned q large sheep
farm, and who, once on q time, finding
himself in difficulties, came down to Bos-
ton and consulted mis- brother-in-law,
who was q lawyer, as to ways and means
OF raising money. The lawyer, who was
keen man Of business, and had money
to spare, agreed to lend the farmer such
sums as he required, provided the latter
would give him q first mortgage on the
sheep farm. The farmer assented to
this, the mortgage was duly made and
recorded, and the farmer returned homo
to Vermont with money in his pocket.
Time went on, and the farmer paid
interest promptly, the same passing
through the hands of one John Smith,
who was man of mark in the farmers
neighborhood, and had accordingly been
deputed by the Boston lawyer to receive
the interest and forward the same to
him.
At length, however, Farmer Brown,
finding little market for his wool. and
having invested in certain worthless out
lying farms, again fell into difficulties,
and this time sought the advice and as
sistance Of his neighbor, Smith, who,
after looking over the matter, agreed to
advance Brown certain sums and take
security, by mortgage of the farmers
carts, wagons, horses, sheep-shears, and
other personal property, the farm itself
being already mortgaged to the Boston
lawyer.
But Brown still failed to prosper, and
at length could pay interest neither to
the lawyer nor to Smith. Then it was
agreed that his assets should be fairly
divided between the two mortgages, and
Squire Joyce, Justice of the Peace in
the neighborhood, who was member Of
the same church as Smith, was selected
to act as referee. The parties met at
the Squires Office, and each spoke for
himself, the lawyer first. Said he: q I
have first mortgage on the farm, duly
executed and recorded, and Of course,
the farm must belong to me.
"Not much T. said Smith. ct have
a mortgage later than yours, on the per-
sonal property, and if that isn't enough
to cover my debt, shall grab the farm
too. My equity is superior to yours.
Isn't that so, Squire %
The Squire hemmed and hawed and
finally said to the lawyer :: g You con-
scented to Smiths mortgage, didn't
you?"
"Never!" said the lawyer.
"That makes no difference" inter
rupted Smith. 81 did it for you'll"
"Jes' so, jes' SO, said the Squire. 81
remember. The whole business was
mighty simple. You jest consented as
this Boston mans attorney to Browns
making mortgage to YOU
"Bu* what Of it," cried the lawyer.
"He couldn't give any binding assent
to make this mortgage better than
mine"
"Perhaps not in law" said the Squire,
"but in equity, in equity, my dear sir !;
we go by equity here in Vermont.
" Yes, cali it inequity," said the
lawyer, soto voce.
Besides" said the Squire, g / am in
clined to believe that it was the inten-
ton as between Smith and Brown that
the mortgage Of the carts and fxings
should include the farm though
the writings don't jest say so. Wasn't
that so, Smith 2"
"Certain !" said Smith.
:" But that makes no difference" cried
the lawyer, syou must go by the rec
ord. I've authority on that point" and
he produced bag full Of books.
s'Young man !" cried Justice joyce
severely. CID have you know that this
sit here to do equity as I understand
it. Equitos non seQuitu,. zegens.
Ahe,n :"
''That's so in Vermont, by iingo!"
cried the'lawyer, waxing wroth.
"Order in the COURT" cried the
Squire. Besides, I mean to make it a
rule in my court that the last mortgage
shall always have priority. It's SO with
wills, why not with mortgages? Answer
that, you Boston chap"
The lawyer was dumbfounded.
81 find on the whole case" said
Squire Joyce, summing up, g that the
farm and personally must be sold and
Smiths debt paid, no matter what be-
comes of this Boston man. And Smith,
as you say you have an interest in the
wheelrights' and blacksmiths' shops up
to the village, and Brown owes running
account at both places, you just bring in
those bills and mebbe-I don't say GER
tain, but mebbe- can fix those up if
there's any balance"
The lawyer took his books back to
Boston wiser man. Smith grabbed
the farm and sheared the sheep and said
tauntingly to the lawyer, ssWhat are you
going to do about it ?"-Spring1ield
(Mass.) Republican.
The Drug Apprentice.