Burnside v. Futch

These two appeals involve different phases of the same litigation and have been consolidated in this court. In the more important of the two appeals, Case No. 5-1632, the basic issue is that of priority as between a judgment lien held by the appellants Burnside and a mortgage lien asserted by the appellee Farmerville Bank. The chancellor held that the bank’s mortgage is valid and that it constitutes a first lien against the property that both creditors are pursuing. We have concluded that the chancellor’s decision was erroneous, because the bank’s mortgage was discharged by payment on January…