language is another way of saying that failure of consideration is not available as a defense to the buyer because the seller has substantially performed. Similarly here the substantial incidents of ownership to the stock had already passed to Dodgen before the bank was closed. Dodgen and St. John expressly acknowledged this in the agreement which clearly recognized that Dodgen could exercise all ownership rights in the stock. The stock was reissued in Dodgen’s name; St. John merely held the stock as security for Dodgen’s promise to pay. For all intents and purposes St. John did everything essential to an executed sale except to surrender physical possession of the stock to Dodgen. Cf. Hull-Dobbs Motor Co. v. Associates Discount Corp., 241 Iowa 1365, 1368-69, 44 N.W.2d 403, 406 (1950) (<HOLDING>). St. John had to retain possession to
holding that sale of two obscene magazines to one detective in one transaction and sale of two obscene films to another detective in another transaction could result in only one conviction for each separate transaction holding that only one trier of fact should be used for the trial of what is essentially one lawsuit to settle one claim split conceptually into separate parts because of historical developments holding  in the context of admiralty law  that when a suit would become unnecessarily complicated if part is tried by a jury and part by a judge only one trier of fact should be used for the trial of what is essentially one lawsuit to settle one claim split conceptually into separate parts because of historical developments holding that immunity from suit precluded claim for breach of contract for sale of county property and request for specific performance of contract recognizing that a conditional sales contract divides itself into two parts one of a fully effected sale and one of a provision for securing payment