Newman v. Mantle
Court of Appeals of Kentucky
Case 44 — Action to Discharge an Execution Levy APPEAL PROM BALLARD CIRCUIT COURT. Judgment por Dependant and Plaintiff Appeals. I. Newman was surety for Stapp on a note, and Stapp gave him a mortgage on' the property in contest, as indemnity. In 1896 Stapp sold and delivered to Newman said mortgaged property, in consideration of which Newman canceled and surrendered said mortgage.
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Case 44 — Action to Discharge an Execution Levy APPEAL PROM BALLARD CIRCUIT COURT. Judgment por Dependant and Plaintiff Appeals. I. Newman was surety for Stapp on a note, and Stapp gave him a mortgage on' the property in contest, as indemnity. In 1896 Stapp sold and delivered to Newman said mortgaged property, in consideration of which Newman canceled and surrendered said mortgage. After this sale, appellee levied an execution on said property to pay a judgment in his favor against Stapp. The sale to Newman being in good faith and in payment of the mortgage debt, we are unable to see how the…
1Opinion of the Court
*293Opikiox of the cotjbt by
JUDGE HOBSON
Reversing.
L. 0. Stapp and W. S. Cooper on September 19, 1894, executed to appellant, P. P. Newman, a mortgage on the personal property here in contest, to secure him as their surety in a note for $300. On February 17, 1896, by a written agreement, Newman assumed the payment of the note on which he was surety, secured by the mortgage, in consideration of which Stapp and Cooper transferred and delivered to him the mortgaged property; he accepting it in full satisfaction of the mortgage. The property was then delivered to Eve Stapp, a third party, as agent of…
2Cited by1 opinion
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