Owings Lumber Co. v. Marlowe
Supreme Court of Alabama
Appeal from Chancery Court, Pickens County; Thomas H. Smith, Chancellor. Bill by Marilou Marlowe against the Owings Lumber Company and another to foreclose a mortgage and enjoin cutting of timber.
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Appeal from Chancery Court, Pickens County; Thomas H. Smith, Chancellor. Bill by Marilou Marlowe against the Owings Lumber Company and another to foreclose a mortgage and enjoin cutting of timber. A temporary writ of injunction was. granted, and from a decree overruling a motion to dissolve and discharge the writ, respondents appeal. . Complainant advanced $4,000 to'Mrs. Lida I-I. Jones, and on February 25, 1913, Mrs. Jones and husband executed to complainant their promissory note for that sum, secured by a mortgage, not made an exhibit to the bill, and secured additionally by the assignment…
1Opinion of the CourtSomerville, J.
It has been held in this state, in line with the general current of authority, that:
“Where the maker of a promissory note becomes the proprietor of it in the regular course of trade (after it had been in circulation), it is extinguished ipso facto.” Wallace v. Br. Bk. Mobile, 1 Ala. 565.
[1, 2] The respondent Owings did not become the owner of his own' note to Mrs. Jones. He received it merely as' collateral security for Mrs. Jones’ note to the bank. Mrs. Jones’ note was the principal obligation, and of it Owings did become the owner. His interest in his own note was limited and conditional.…
2Cases cited2 opinions
- Wallace v. Branch BankSupreme Court of Alabama · 1840
- Moses Bros. v. JohnsonSupreme Court of Alabama · 1889
3Cited by4 opinions
- Federal Land Bank v. Southmont Mfg. Co.Supreme Court of Alabama · 1929
- Buck v. First National BankSouth Dakota Supreme Court · 1935
- Brenner v. McNeillSupreme Court of Florida · 1932
- Cloverdale Cotton Mills v. Alabama Nat. BankSupreme Court of Alabama · 1929