Seixas v. Gonsoulin
Supreme Court of Louisiana
APPEAL from tlie Civil District Court for the Parish of Orleans. Houston, J. An indorser or surety paying a note is legally subrogated to all of the rights of the holder of the note to whom such payment has been made, and this legal subrogation embraces tbe mortgage given to secure the note. C. C. 2161, 3052, 3053; 2 Martin H. S,. 16L; 8 Martin Rep. 484, 706; 15 La. 213 ; 6 La. Hep. 47£í; 9 Ann. 248; 12 Ann. Bep. 9 j Durao vs. Heriari, 25 Ann.
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APPEAL from tlie Civil District Court for the Parish of Orleans. Houston, J. An indorser or surety paying a note is legally subrogated to all of the rights of the holder of the note to whom such payment has been made, and this legal subrogation embraces tbe mortgage given to secure the note. C. C. 2161, 3052, 3053; 2 Martin H. S,. 16L; 8 Martin Rep. 484, 706; 15 La. 213 ; 6 La. Hep. 47£í; 9 Ann. 248; 12 Ann. Bep. 9 j Durao vs. Heriari, 25 Ann. Rep. 81. Tlie payment of a promissory note by or for tbe maker, or by one not bound for it, extinguishes the note and the mortgage securing its…
1Opinion of the Court
The opiuion of the Court was delivered by
Bermudez, C. J.
The plaiutiff sues, as syndic of Carrier,e & Sons, to participate in tlie proceeds of certain real estate judicially sold.
He alleges that the note on which he declares, and two other similar notes held by the Citizens Bank and by the Louisiana National Bank, were originally secured by vendor’s privilege and special mortgage on the property in question ; that the note was, before its maturity, owned by the last named bank; that, as indorsers thereon, A. Carriére & Sons took it up. He then contends that, as they became thereby subrogated…
2Cited by7 opinions
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- Cook v. CrowLouisiana Court of Appeal · 1939
- Interstate Trust & Banking Co. v. YoungSupreme Court of Louisiana · 1914
- Smith v. Shippers' Oil Co.Supreme Court of Louisiana · 1907
- Villere v. New Orleans Pure Milk Co.Supreme Court of Louisiana · 1908
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