Fed. Land Bank of New Orleans v. Corinth Bank Trust

SOMERVILLE,' J.

The equitable relief sought by the complainant in this case — the establishment of its mortgage title as superior to the older mortgage title of the respondent — depends upon two inquiries: (1) Did the payment of the debt secured by the older- mortgage — made to the mortgagee, J. J. Lawler — satisfy and extinguish its lien on the land in suit, notwithstanding the transfer of the negotiable note to which it was attached, and which it was given to secure? (2) If that payment was not a payment and satisfaction of the mortgage, binding on the transferee of the note, was the…