Sloan v. State

The bill herein was filed to recover a deficiency decree on a note secured by mortgage on real property which has been foreclosed.

In this cause the mortgagor sold the property to a third party, who assumed the mortgage debt, and to whom, after maturity, an extension of time in writing on the back of the note was granted, without the knowledge or consent of the defendant mortgagor.

It is conceded that in Atlantic Life Ins. Co. v. Carter, 165 Tenn., 628, it was held that in such circumstances the maker of the note was not relieved of liability, but could only be discharged in one of the ways…