Forsyth v. Preer, Illges & Co.
Supreme Court of Alabama
Appeal from Bussell Chancery Court. Heard before Hon. N. S. Graham. This was a bill filed by the appellees, Preer, Illges & Co., against the appellants, Bobert A. Eorsyth and wife, and seeks a foreclosure of a certain mortgage on their homestead.
Read the full summary
Appeal from Bussell Chancery Court. Heard before Hon. N. S. Graham. This was a bill filed by the appellees, Preer, Illges & Co., against the appellants, Bobert A. Eorsyth and wife, and seeks a foreclosure of a certain mortgage on their homestead. The material facts are as follows: On the 18th day of April, 1871, the appellant, Bobert A. Eorsyth, was indebted to the appellees for supplies previously furnished him to the amount of about six hundred and fifty dollars, and wishing to obtain advances in the future, he and his wife executed their promissory note, payable to the appellees on the 1st…
1Opinion of the CourtBrickell, C. J.
1. Mortgages or instruments may be taken as a security for a present debt, or against contingent liabilities, or to cover future advances or responsibilities, when such is the agreement and intention of the parties. Many questions may arise when the rights of subsequent mortgagees or encumbrancers, or of judgment creditors, oi of purchasers without notice are involved, which would affect the security and operation of the mortgage, when made as a security for future advances or responsibilities, which will not diminish its security or lessen its operation, when, as in the present case, the…
2Cases cited4 opinions
- Miller v. MarxSupreme Court of Alabama · 1876
- Gunn v. HowellSupreme Court of Alabama · 1855
- Cockrell v. GurleySupreme Court of Alabama · 1855
- Bailey v. LittenSupreme Court of Alabama · 1875
3Cited by14 opinions
- Scott v. SimonsSupreme Court of Alabama · 1881
- Gibson v. Chicago Great Western Railway Co.Supreme Court of Missouri · 1910
- Wilkerson v. TillmanSupreme Court of Alabama · 1880
- Musser v. MusserSupreme Court of Missouri · 1920
- Lanier v. Union Mortgage, Banking & Trust Co.Supreme Court of Arkansas · 1897
9 more not listed; retrieve them via the Exa API.