Bush v. Stamps
Mississippi Supreme Court
ON appeal from the superior court of chancery; Plon. Stephen Cocke, chancellor. The appellee, who was the complainant in the court below, filed his bill for the purpose of subjecting a house and lot in the town of Port Gibson to the payment of a note made by J. O. Pierson, with M. D. Shelby as his surety, for $3,500, dated June 19,1839, and payable six months after date.
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ON appeal from the superior court of chancery; Plon. Stephen Cocke, chancellor. The appellee, who was the complainant in the court below, filed his bill for the purpose of subjecting a house and lot in the town of Port Gibson to the payment of a note made by J. O. Pierson, with M. D. Shelby as his surety, for $3,500, dated June 19,1839, and payable six months after date. He claims to have a lien, by virtue of the doctrine of subrogation, upon said property, under a deed of trust executed in April, 1840, by J. O. Pierson, to H. T. Ellett and D. Bush, junior, as trustees, by which Pierson…
1Opinion of the CourtJustice Fishbe
This was a bill filed by a creditor to be substituted to the rights of a surety, in a deed of trust executed for his indemnity in a certain contingency by the principal debtor.
This court said in the case of Bibb et al. v. Martin et al. 14 S. & M. 92, that “the doctrine of subrogation rests upon very obvious principles of equity;” that if either the creditor or the surety at. any time becomes bound, or at any time, before or after, takes a lien on real or personal property, the other party is entitled to the benefit of it; so that if the surety fail, the creditor may enforce the lien the…
2Cited by2 opinions
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