The Eaton Democrat. (Eaton, Ohio) 1875-1903, 1881-02-17
Vermont Equity.


named Brown, who owned large sheep
farm, and who, once on time, finding
himself in difficulties, came down to Bos-
ton and consulted mis- brother-m-law,
who was a lawyer, as to ways and means
of raising money. The lawyer, who was
a 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 a first mortgage on the
sheep farm. The farmer assented to
this, the mortgage was duly made and
recorded, and the farmer returned home
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 Squire's office, and each spoke for
himself, the lawyer first. Said he &c
have first mortgage on the farm, duly
executed and recorded, and of course,
the farm must belong to me"
"Not much p said Smith. "I have
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 2"
The Squire hemmed and hawed and
finally said to the lawyer g You con-
sented to Smiths mortgage, didn't
you?"
"Never {" said the lawyer.
"That makes no difference" inter
rupted Smith. &C. did it for you !"
"Jes' SO, ies' so,'' said the Squire. "I
remember. The whole business was
mighty simple. You jest consented as
this Boston mans attorney to Browns
making mortgage to you"
: "But 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.
eyes, I call it inequity," said the
lawyer, soto voce.
"Besides," said the Squire, ST 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 too-though
the writings don't jest say SO. Wasn't
! that so, Smith ?"
"Certain I" said Smith.
"But that makes no difference" cried
the lawyer, "you must go by the rec.
ord. I've authority on that point" and
he produced bag full of books.
, "Young man cried Justice Joyce
severely. "Td have you know that this
Court isn't hide-hound by precedents
I sit here to do equity as I understand
, it. -Eq1itas non sequitur tegenI
Ahem :"
"That's so In Vermont, by jingo
cried the lawyer, waxing wroth.
"Order in the court {" cried the
, Squire. "Besides, mean to make it
rule in my court that the last mortgag
shall always have priority. It's SO witt
!, wills, why not with mortgages? Answe
that, you Boston chap
: The lawyer was dumbfounded.
"I find on the whole case," salt
!, Squire Joyce, summing up, "that tn
i farm and personally must be sold an,
. Smiths debt paid, no matter what be
! comes of this Boston man. And Smith
g as you say you have an interest in th
d wheelrights' and blacksmiths' shops n
9 to the village, and Brown owes runnin
q q account at both places, you just bring i
i those bills and mebbe-I don't say Ger
tain, but mebbe-we can fix those up
T there's any balance"
g The lawyer took his books back
Boston wiser man. Smith grabbe
. . the farm and sheared the sheep and sal
a tauntingly to the lawyer, Whatare 20
is going to do about it?"-SprinQfeI
1t Mass. Republican.