Van Eaton v. Napier
Mississippi Supreme Court
Appeal from the Chancery Court of Coahoma County. Hon. W. Gr. Phelps, Chancellor. In 1858 Cobb & Ligón, partners in the business of planting, bought a tract of land. In 1860 they borrowed money from Thomas Skidmore to pay for this land. In 1866 the firm was dissolved, and in order to settle up the firm business the land was sold to one Anderson, and Anderson’s note for the purchase-money was, by agreement between Cobb and Ligón, made payable to Skidmore.
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Appeal from the Chancery Court of Coahoma County. Hon. W. Gr. Phelps, Chancellor. In 1858 Cobb & Ligón, partners in the business of planting, bought a tract of land. In 1860 they borrowed money from Thomas Skidmore to pay for this land. In 1866 the firm was dissolved, and in order to settle up the firm business the land was sold to one Anderson, and Anderson’s note for the purchase-money was, by agreement between Cobb and Ligón, made payable to Skidmore. It was further agreed between Cobb and Ligón that Cobb should take the note and deliver it to Skidmore or collect the proceeds and pay it…
1Opinion of the CourtCoopee, C. J.
The demurrer to the bill should have been sustained. The debtors, Cobb and Ligón, by an arrangement between themselves not participated in by the creditor, designated a fund which should be appropiated to the discharge of the note held by Skidmore, and it was left to Mr. Cobb to carry out the scheme. But no title lega] or equitable to the Anderson note passed to Skidmore, and when the note executed by Cobb & Ligón became barred by limitation, he lost all right to collect the debt thereby secured either by resort to the general. estate of the debtors or from the proceeds of the Anderson note.…
2Cited by1 opinion
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