Importers & Traders Bank v. McGhees & Co.
Supreme Court of Georgia
Principal and indorser. Debtor and creditor. Mortgage. Trust. Subrogation. Party. Before Judge Maddox. ■ Floyd superior court. March adjourned term, 1891. The Importers and Traders National. Bank of New York filed its equitable petition against McGhees & Compauy and others, to foreclose, for the benefit of the plaintiff, a mortgage which McGhees & Co. had given to James McGhee, who had indorsed to the bank certain notes given by them to him.
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Principal and indorser. Debtor and creditor. Mortgage. Trust. Subrogation. Party. Before Judge Maddox. ■ Floyd superior court. March adjourned term, 1891. The Importers and Traders National. Bank of New York filed its equitable petition against McGhees & Compauy and others, to foreclose, for the benefit of the plaintiff, a mortgage which McGhees & Co. had given to James McGhee, who had indorsed to the bank certain notes given by them to him. E. T., J. F. and J. N. McGhee, partners composing the firm of McGhees & Co., demurred to this petition, and the demurrer was sustained. The petitioner…
1Opinion of the Court
Bleckley, Chief Justice.
The mortgage given by the principal debtors, McGhees & Co., to their indorser, James McGhee, was not given expressly as a security for the debt or to raise a fund for its payment, but solely to indemnify the indorser against loss by reason of his indorsement. This mortgage the creditor, the Importers and Traders National Bank of New York,' now seeks to enforce against the mortgaged property without making the indorser, who resides in Alabama, a party to the proceeding. The principal debtors, who were among the parties defendant to the plaintiffs’ petition, demurred,…
2Cases cited1 opinion
- Pool v. DosterMississippi Supreme Court · 1881
3Cited by6 opinions
- Weed v. Gainesville, Jefferson & Southern RailroadSupreme Court of Georgia · 1904
- White v. Levi & Co.Supreme Court of Georgia · 1911
- Johnson v. BrewerSupreme Court of Georgia · 1910
- Jones v. NortonSupreme Court of Georgia · 1911
- Burnett v. Gainesville National BankCourt of Appeals of Georgia · 1922
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