York v. Landis
Supreme Court of North Carolina
Motion to dissolve an injunction, heard before Watts, J., at Spring Term, 1871, of Granville Superior Court. The plaintiff alleges in his complaint, that he was indebted unto one John S. Burwell, in the sum of six hundred dollars, with D. C. Parish as one of his sureties; and that thereafter, to secure this and other debts which the plaintiff owed, he after-wards, to wit: on the 4th of December, 1857, executed a deed to the defendant, as trustee, conveying therein certain…
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Motion to dissolve an injunction, heard before Watts, J., at Spring Term, 1871, of Granville Superior Court. The plaintiff alleges in his complaint, that he was indebted unto one John S. Burwell, in the sum of six hundred dollars, with D. C. Parish as one of his sureties; and that thereafter, to secure this and other debts which the plaintiff owed, he after-wards, to wit: on the 4th of December, 1857, executed a deed to the defendant, as trustee, conveying therein certain realty, which defendant was to sell, and apply the proceeds thereof to the payment of the debts embraced in said…
1Opinion of the CourtRodman, J.
When Parish, the surety for the plaintifij paid the debt to the creditor, Burwell, and took an assignment from *537bim, it operated to extinguish that debt at law. Sherwood v. Collier, 3 Dev. 380.
But by the payment, the surety acquired a right of action, against his principal, to the value of his payment, and upon a-familiar principle of equity, became entitled to. the benefit of the security which had been taken by the creditor from the-principal. Nelson v. Williams, 2 Dev. & Bat. Eq. 118.
This equitable right he could assign, with the benefit of the security which was incident to it, and his…
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