Boswell v. Thigpen
Mississippi Supreme Court
Fbom the chancery court of Attala county. Hon. A. M. Byrd, Chancellor. The appellee, administrator of Mrs. S. J. Roby, filed his bill in equity against the appellant, Boswell, and therein averred that in 1888 his intestate executed a deed of trust on a certain tract of land in favor of Boswell; that in 1891 she sold and conveyed this land to Mrs. S. A. Jenkins for $1,000, evidenced by two promissory notes, maturing respectively in 1892 and 1893; that at the same time one W.…
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Fbom the chancery court of Attala county. Hon. A. M. Byrd, Chancellor. The appellee, administrator of Mrs. S. J. Roby, filed his bill in equity against the appellant, Boswell, and therein averred that in 1888 his intestate executed a deed of trust on a certain tract of land in favor of Boswell; that in 1891 she sold and conveyed this land to Mrs. S. A. Jenkins for $1,000, evidenced by two promissory notes, maturing respectively in 1892 and 1893; that at the same time one W. J. Roby sold and conveyed to Mrs. Jenkins a small tract of land for $200, and took her promissory note therefor, which…
1Opinion of the CourtTerral, J.
The right of property in the thing pledged does not pass to' the pledgee, but remains with the pledgor, subject to the lien of the pledgee. 2 Kent, 581. The pledgee’s character is that, of a- trustee for the pledgor — first, to pay the debt, and, second, to pay over the surplus to the pledgor — and he cannot deal with the property so as to destroy, or even impair, its value. The pledgee cannot sell the subject of the pledge unless he is specially authorized so to do. His authority to deal with the pledge is determined by the law. In the case of promissory notes, and other negotiable…
2Cases cited2 opinions
- Wheeler v. . NewbouldNew York Court of Appeals · 1857
- Lamberton v. WindomSupreme Court of Minnesota · 1867
3Cited by3 opinions
- Hibernia Bank & Trust Co. v. TurnerMississippi Supreme Court · 1930
- Vinson v. McCartyMississippi Supreme Court · 1982
- Horne v. BurressMississippi Supreme Court · 1967