Lyons v. Yielding
Supreme Court of Alabama
Appeal from Circuit Court, Jefferson County; Hugh A. Locke, Judge. Suit by W. L. Yielding against Solomon Lyons for an accounting, to have a bill of sale declared a mortgage and redeemed. Decree for claimant, and respondent appeals.
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Appeal from Circuit Court, Jefferson County; Hugh A. Locke, Judge. Suit by W. L. Yielding against Solomon Lyons for an accounting, to have a bill of sale declared a mortgage and redeemed. Decree for claimant, and respondent appeals. The bill alleges that Yielding procured from Lyons a loan of $85 for 30 days, receiving therefor a sum of $75 himself, and executing to Lyons a bill of sale for certain Sto.clr in the Julian-Beggs Signal Company; said bill of sale being intended as a security or pledge for the money loaned. The original loan was for 30 days, and was continued for 30 days from time…
1Opinion of the CourtThomas, J.
The bill, as amended, prays that the bill of sale or transfer of corporate stock be declared a security for debt.
[1,2] The nature and character of the contract in question, whether that of the sale of stock in the Julian-Beggs Signal Company or a mortgage thereon or pledge thereof, was properly shown by parol evidence. Corley v. Vizard, 84 South. 299, 1 and authorities collected. If a debt was secured, as was done here, the transaction is a mortgage or security for debt, regardless of the wording of the contract. Harrison v. Maury, 157 Ala. 227, 229, 47 South. 724; Rodgers v. Burt, 157 Ala.…
2Cases cited9 opinions
- Smith v. SmithSupreme Court of Alabama · 1907
- Corley v. VizardSupreme Court of Alabama · 1919
- Knaus v. DreherSupreme Court of Alabama · 1887
- Robinson v. FarrellySupreme Court of Alabama · 1849
- Rodgers v. BurtSupreme Court of Alabama · 1908
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3Cited by1 opinion
- In Re Windham Power Lifts Inc.United States Bankruptcy Court, M.D. Alabama · 1988