U.S. Supreme Court
National Bank v. Whitney, 103 U.S. 99 (1881)
National Bank v. Whitney
103 U.S. 99
1. A national bank may enforce against the mortgagee and parties claiming under him with notice a mortgage of lands executed to it as collateral security for his then existing indebtedness to it, and such as he might thereafter incur.
2. An objection to the taking of such a mortgage as security for future advances can only be urged by the United States.
3. In New York, a mortgage for a past indebtedness, if taken without notice of one for an indebtedness to be subsequently incurred, has precedence, if it be first recorded.
4. Costs are not payable out of the fund in controversy.
The facts are stated in the opinion of the Court.