National Mutual Building & Loan Ass'n v. Houston
Mississippi Supreme Court
From the chancery court of Lauderdale county. Hon. Stone Deavours, Chancellor. Houston, appellee, was complainant in the court below, the National, etc., Association et al., appellants, were defendants-there. This case was before the supreme court on á former appeal, when the judgment of the lower court dismissing complainant’s bill was reversed, and the cause remanded for an accounting.
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From the chancery court of Lauderdale county. Hon. Stone Deavours, Chancellor. Houston, appellee, was complainant in the court below, the National, etc., Association et al., appellants, were defendants-there. This case was before the supreme court on á former appeal, when the judgment of the lower court dismissing complainant’s bill was reversed, and the cause remanded for an accounting. Houston v. National, etc., Association, 80 Miss., 31 (s.c., 31 South.,- 510). It will be seen from the previous report of the case that appellant Building & Loan Association, held a mortgage, with power of…
1Opinion of the CourtWhitfield, C. J.
The chancellor erred in charging the appellant with the rental value of the property. The defendant should have been charged only with what it actually received,- or ought by the exercise of reasonable diligence to have received.. The rule is thus stated in 2 Jones, Mortgs., sec. 1123: “As a general rule, the mortgagee in possession is held to the exercise of such care and diligence as a provident owner in charge of the property would exercise; but he will not be held accountable for anything more than the actual rents and profits received, unless there has been willful default or gross…
2Cases cited2 opinions
- Whitcomb v. HarrisSupreme Judicial Court of Maine · 1897
- Means v. AndersonSupreme Court of Rhode Island · 1895
3Cited by3 opinions
- Pioneer Building & Loan Ass'n v. CowanCourt of Appeals of Texas · 1938
- Watson v. PerkinsMississippi Supreme Court · 1906
- Smith v. BeardMississippi Supreme Court · 1921