Bartlett v. Varner's
Supreme Court of Alabama
Appeal from the Chancery Court of Macon. Heard before tbe Hon. B. B. McCraw. The original bill in this case was filed on the 7th November, 1871, by Edward T. Yarner, as the executor of the last will and testament of William Yarner, deceased, against Stephen M. Bartlett; and sought to foreclose a mortgage on a house and lot in Tuskegee.
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Appeal from the Chancery Court of Macon. Heard before tbe Hon. B. B. McCraw. The original bill in this case was filed on the 7th November, 1871, by Edward T. Yarner, as the executor of the last will and testament of William Yarner, deceased, against Stephen M. Bartlett; and sought to foreclose a mortgage on a house and lot in Tuskegee. The mortgage was dated the 2d April, 1860, and conveyed the house and lot to S. B. Paine and B. F. Ligón, to indemnify them against liability as sureties for said S. M. Bartlett, on a promissory note for $1,062.22, of even date with the mortgage, and payable on…
1Opinion of the CourtStone, J.
The mortgage made by Bartlett to Paine and Ligón was transferred by the mortgagees to Yarner, as securi ty or collateral to a debt, then held by him, on which they, Paine and Ligón, were bound as co-makers. This was a sufficient consideration to uphold the transfer; but, as no present consideration moved from Yarner to Paine and Ligón for this transfer, it did not constitute him a purchaser for value, so as to cut off defenses that may have existed against Paine and Ligón.' — Boyd v. Beck, 29 Ala. 703.
That Bartlett, at one and the same time, procured Paine and Ligón to become his sureties,…
2Cases cited9 opinions
- Fenno v. SayreSupreme Court of Alabama · 1842
- Wells v. MorrowSupreme Court of Alabama · 1861
- Boyd v. BeckSupreme Court of Alabama · 1857
- Daniel v. SorrellsSupreme Court of Alabama · 1846
- Andrews v. McCoySupreme Court of Alabama · 1846
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3Cited by2 opinions
- Motley v. JonesSupreme Court of Alabama · 1893
- Citizens State Bank v. JulianIndiana Supreme Court · 1899