North American Life Ins. Co. of Chicago v. Collins

BOULDIN, Justice.

In Collins v. Forman et al., 230 Ala. 370, 161 So. 238, we upheld the equity of the bill in this cause.

We refer to that opinion for a full statement of the case made by the bill,

The governing equitable principles declared applicable, briefly stated, were,, that an assignment by a mortgagee of one of a series of notes evidencing the indebtedness secured by a real estate mortgage passes the security pro tanto to the assignee, that the assignee takes priority over that of the mortgagee as regards notes still held by him, and that a subsequent conveyance of the lands by…