West Huntsville Cotton M. Co. v. Alter
Supreme Court of Alabama
Appeal from Madison Law and Equity Court. Heard before Hon. Tan creé Betts. Bill by Franklin Alter against West Huntsville Cotton Mills Company and another.
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Appeal from Madison Law and Equity Court. Heard before Hon. Tan creé Betts. Bill by Franklin Alter against West Huntsville Cotton Mills Company and another. From a decree overruling demurrers to the bill, respondents appeal. • The case made by the bill is: That in September, 1892, the West Huntsville Cotton Mills Company executed its mortgage or deed of trust upon certain real estate in the county of Madison to the C'entrgl Trust Company of Neiv York to secure the negotiable bonds of the West Huntsville Cotton Mills Company. A copy of the deed of trust is made an exhibit to the bill. That the…
1Opinion of the CourtDowdell, C. J.
Under the facts alleged in the bill, the complainant, as to his property which is held by the mortgagee, the Central'Trust Company, under the deed of trust to it to secure the bonds of the West Huntsville Cotton Mills Company, is a surety for the payment of such debt. “When property of any kind is *309pledged or mortgaged by the owner to secure the debt, default, or miscarriage of another person, such property occupies the position of a surety.” — 27 Am. & Eng. Ency. of Law, 433; Allen v. McDonald, (C. C.) 28 Fed. 346. As has been said, no principle in equity is more familiar, or more firmly…
2Cases cited4 opinions
- Gresham v. WareSupreme Court of Alabama · 1885
- Thomas v. St Paul's M. E. ChurchSupreme Court of Alabama · 1888
- Tillis v. FolmarSupreme Court of Alabama · 1906
- Allen v. O'DonaldUnited States Circuit Court · 1886
3Cited by12 opinions
- Morley Construction Co. v. Maryland Casualty Co.Supreme Court of the United States · 1937
- Kelly v. CarmichaelSupreme Court of Alabama · 1930
- Segall v. LoebSupreme Court of Alabama · 1928
- Hudson Trust Co. v. ElliottSupreme Court of Alabama · 1915
- Searcy v. ShowsSupreme Court of Alabama · 1920
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