Hargis Bank & Trust Co. v. Gambill

(Opinion of the Court by

Judge Willis

Affirming.

Tbe problem presented is to determine tbe principle tbat governs tbe application by tbe court of tbe proceeds of mortgaged property sold under a decree to tbe several debts secured by tbe mortgage. A statement of tbe ultimate facts showing bow tbe problem arose will aid in its solution. G. W. Gambill was indebted to tbe Hargis Bank & Trust Company on several notes aggregating $17,600. One of tbe notes • for $8,000 was unsecured, another for $7,000 was indorsed by tbe debtor’s father, and a third for $2,600 was indorsed by tbe debtor’s brother. Tbe…