Farmers Savings & Building & Loan Ass'n v. Kent & Sabotka
Supreme Court of Alabama
Appeal from the Chancery Court of Morgan. Heard before the Hon. William H. Simpson. The bill in this case was filed by the appellees, Kent & Sabotka, and averred that one J. B. Brewer negotiated a loan from the Farmers Savings and Building and Loan Association, and to secui-e the same executed a mortgage upon certain parcels of real estate, and in accordance with the building and loan plan Brewer subscribed for certain shares of stock in the Association at the time of…
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Appeal from the Chancery Court of Morgan. Heard before the Hon. William H. Simpson. The bill in this case was filed by the appellees, Kent & Sabotka, and averred that one J. B. Brewer negotiated a loan from the Farmers Savings and Building and Loan Association, and to secui-e the same executed a mortgage upon certain parcels of real estate, and in accordance with the building and loan plan Brewer subscribed for certain shares of stock in the Association at the time of negotiating the loan, and as recited in the mortgage, pledged such stock as security for'the debt. The real estate mortgaged…
1Opinion of the CourtHaralson, J.
The principle is well settled, that when one mortgages his lands to another, there remains in the mortgagor only an equity of redemption. — Kelly v. Langston, 78 Ala. 203, 204; Bingham v. Vandegrift, 93 Ala. 283, 285.
Again we have held, that a junior incumbrancer, will not be allowed to go into equity to qnforce the incumbrance of the senior, and his own, -for the payment, first, of the demand of the sénior, and, next, liis own. Mims v. Cobb, 110 Ala. 578.
There is a marked distinction, however, between a junior incumbrancer, and a grantee of lands sold sub*629sequent to the mortgage. “The…
2Cases cited9 opinions
- Bingham v. VandegriftSupreme Court of Alabama · 1890
- Kelly v. LongshoreSupreme Court of Alabama · 1884
- Prickett v. SibertSupreme Court of Alabama · 1883
- McCalley v. OteySupreme Court of Alabama · 1890
- Mobile Marine Dock & Mutual Insurance v. HuderSupreme Court of Alabama · 1860
4 more not listed; retrieve them via the Exa API.
3Cited by7 opinions
- Interstate Land & I. Co. v. LoganSupreme Court of Alabama · 1916
- Grayson v. GoolsbySupreme Court of Alabama · 1932
- Howser v. CruikshankSupreme Court of Alabama · 1898
- Ewing v. Bay Minette Land Co.Supreme Court of Alabama · 1936
- Farmers Saving's & Building & Loan Ass'n v. Kent & SabotkaSupreme Court of Alabama · 1901
2 more not listed; retrieve them via the Exa API.