National Bank v. Exchange Bank
Supreme Court of Georgia
Money rule. Before Judge Bussell. Clarke superior court. April term, 1899. . The property of the Princeton Manufacturing Company was sold under foreclosure of the first mortgage thereon, and, after paying the same, the sum of $2,033.86 remained in the sheriff’s hands, for which a rule was brought against him by the National Bank of Athens, which claimed under another mortgage, with the execution issued upon 'its foreclosure, for an amount greater than the fund so remaining.
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Money rule. Before Judge Bussell. Clarke superior court. April term, 1899. . The property of the Princeton Manufacturing Company was sold under foreclosure of the first mortgage thereon, and, after paying the same, the sum of $2,033.86 remained in the sheriff’s hands, for which a rule was brought against him by the National Bank of Athens, which claimed under another mortgage, with the execution issued upon 'its foreclosure, for an amount greater than the fund so remaining. The Exchange Bank ■of Athens had placed an unforeclosed mortgage in the sheriff’s hands, claiming payment from this…
1Opinion of the CourtLumpkin, P. J.
The controlling questions involved in this-case are those indicated above.
1. Section 3684 of the Civil Code declares that: “The-transfer of notes secured by a mortgage or otherwise conveys-to the transferee the benefit of the security.” The word “ conveys” is of vital significance. The employment of it neces*695sarily makes this section mean that the transferee of a promissory note secured by mortgage is, without more, to have all the substantial benefits of the security thus afforded. The legislative intent that this result should follow the mere assignment of the note is so plainly and clearly…
2Cases cited3 opinions
- Planters' Bank v. PraterSupreme Court of Georgia · 1880
- Administrators of Jones v. NunnSupreme Court of Georgia · 1853
- Ennis v. Harralson Bros. & Co.Supreme Court of Georgia · 1897
3Cited by12 opinions
- Weed v. Gainesville, Jefferson & Southern RailroadSupreme Court of Georgia · 1904
- Middleton v. WestmorelandSupreme Court of Georgia · 1927
- Moughon v. MastersonSupreme Court of Georgia · 1913
- Devaughn v. ByromSupreme Court of Georgia · 1900
- Georgia Realty Co. v. Bank of CovingtonCourt of Appeals of Georgia · 1917
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