Bridges v. Ballard
Mississippi Supreme Court
Appeal from the Chancery Court of Clay County. Hon. F. A. Critz, Chancellor. On the 9th of November, 1881, James Ballard and A. W. Ballard executed a deed of trust upon a certain tract of land to C. Bridges as trustee, to secure to T. M. Bridges the payment of three promissory notes of the same date, each for two hundred dollars, and due, one on the 1st of January, 1883, one on the 1st of January, 1884, and the other on the 1st of January, 1885. The deed of tñist recites as…
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Appeal from the Chancery Court of Clay County. Hon. F. A. Critz, Chancellor. On the 9th of November, 1881, James Ballard and A. W. Ballard executed a deed of trust upon a certain tract of land to C. Bridges as trustee, to secure to T. M. Bridges the payment of three promissory notes of the same date, each for two hundred dollars, and due, one on the 1st of January, 1883, one on the 1st of January, 1884, and the other on the 1st of January, 1885. The deed of tñist recites as the inducement thereto that “ the parties of the first part (the grantors) are desirous of securing to the party of the…
1Opinion of the CourtCampbell, C. J.
The suit was not prematurely brought. The indebtedness secured by the deed of trust was six hundred dollars, evidenced by three promissory notes maturing at different times. The power to sell conferred on the trustee was to be exerted if there was failure to pay the amount of said notes on or before the maturity thereof. The true interpretation of this is, that if the several notes were not paid as they became due a sale might be made. It is competent for the parties to a mortgage or deed of trust to stipulate that foreclosure shall not occur until all of several notes secured by it shall be…
2Cases cited2 opinions
- Reddick v. GressmanSupreme Court of Missouri · 1872
- Hunt v. HardingIndiana Supreme Court · 1858
3Cited by1 opinion
- Federal Land Bank v. RobinsonMississippi Supreme Court · 1931