Cook v. Parham & Blunt
Supreme Court of Alabama
Appeal from the Chancery Court of Lowndes. Heard before the Hon. H. Austill. The original bill in this case was filed on the 10th August, 1871, by John Gr. Parham and Beverly Blunt, partners doing business under the firm name of Parham & Blunt, against .the administrator, widow, and children of Harry W. Adams, deceased; and sought to foreclose a mortgage on a tract of land, executed by said Adams in his life-time.
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Appeal from the Chancery Court of Lowndes. Heard before the Hon. H. Austill. The original bill in this case was filed on the 10th August, 1871, by John Gr. Parham and Beverly Blunt, partners doing business under the firm name of Parham & Blunt, against .the administrator, widow, and children of Harry W. Adams, deceased; and sought to foreclose a mortgage on a tract of land, executed by said Adams in his life-time. The mortgage was dated the 16th March, 1866, and purported to be fiven to secure the payment of a promissory note for 2,032.91, of even date with the mortgage, and payable on the…
1Opinion of the CourtBbickell, C. J.
A mortgagee, taking a mortgage as security for a pre-existing debt, is not a bona fide purchaser for a valuable consideration, protected against prior equities of which he has no notice. — Boyd v. Beck, 29 Ala. 703. .But, if the mortgage is security for a debt presently contracted, the security enters into the consideration on which the credit is given, and the mortgagee will stand in the relation of a purchaser entitled to protection against equities of which he has no notice. In this case, a part of the consideration was a debt contracted presently, and a pre-existing debt, founded on a…
2Cases cited8 opinions
- Welsh v. PhillipsSupreme Court of Alabama · 1875
- Boyd v. BeckSupreme Court of Alabama · 1857
- Boynton v. SawyerSupreme Court of Alabama · 1860
- Mervine v. ParkerSupreme Court of Alabama · 1850
- Schumpert v. Dillard, Pinson & Co.Mississippi Supreme Court · 1877
3 more not listed; retrieve them via the Exa API.
3Cited by22 opinions
- Steffian v. Milmo National BankTexas Supreme Court · 1888
- Bowen v. Lansing Wagon WorksTexas Supreme Court · 1898
- Whitfield v. RiddleSupreme Court of Alabama · 1884
- Prickett v. SibertSupreme Court of Alabama · 1883
- Sadler v. JeffersonSupreme Court of Alabama · 1904
17 more not listed; retrieve them via the Exa API.