Ash v. Fitzgerald Cotton Oil Co.

The Spell Live Stock Company held a mortgage on two mules, and the Fitzgerald Cotton Oil Company held a junior mortgage on one of them. The Spell Company transferred its mortgage to the Perry Live Stock Company, and subsequently the mortgagor sold the mule covered by both mortgages to T. C. Ash. The Perry Live Stock Company was about to foreclose its mortgage on this mule, and in order to protect his title thereto Ash paid off this mortgage to the Perry Live Stock Company, and he was never repaid by the mortgagor. Ash, however, did not proceed against the other mule covered by the mortgage of…