Hicks v. Dowdy
Supreme Court of Alabama
Appeal from Circuit Court, Marshall County; W. W. Harralson, Judge. Bill by Lee Dowdy against W. P. Hicks and others to redeem, and for an accounting, and for other relief. Demurrers to the bill were overruled, and respondents appeal.
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Appeal from Circuit Court, Marshall County; W. W. Harralson, Judge. Bill by Lee Dowdy against W. P. Hicks and others to redeem, and for an accounting, and for other relief. Demurrers to the bill were overruled, and respondents appeal. The bill shows that the complainant transferred to the respondent W. P. Hicks, as collateral security for complainant’s own note to Hicks for the sum of $272, a certain mortgage on 40 acres of land, which mortgage was executed to complainant by William King to secure an indebtedness of $572. This mortgage contained the usual power of sale, but did not authorize…
1Opinion of the CourtSomerville, J.
[1-3] With respect to assignments of mortgages of land as collateral security for the debt of the mortgagee, and the ensuing rights and relations of the parties, we approve the following statement of the law as declared by the Court of Appeals of New York:
“That the assignment is in substance a mortgage or pledge of the transferred security; that it gives to the assignee merely a defeasible title, which ends upon payment of the debt, leaving the ownership in the assignor precisely as if no transfer had been made; that such defeasible title cannot be changed or enlarged, as against the…
2Cases cited5 opinions
- In Re the Estate of GilbertNew York Court of Appeals · 1887
- Nelson v. OwenSupreme Court of Alabama · 1896
- Woodruff v. AdairSupreme Court of Alabama · 1901
- Geron v. GeronSupreme Court of Alabama · 1849
- Rice v. DillinghamSupreme Judicial Court of Maine · 1881
3Cited by15 opinions
- Dewberry v. Bank of Standing RockSupreme Court of Alabama · 1933
- Continental Casualty Co. v. BrawnerSupreme Court of Alabama · 1933
- First Nat. Bank of Birmingham v. FormanSupreme Court of Alabama · 1935
- Crowson v. CodySupreme Court of Alabama · 1921
- First Nat. Bank of La Pine v. BradleySupreme Court of Alabama · 1931
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