Cate v. Cate

This case involves the question as to whether the lien which exists in favor of the vendor of land, conveyed without reservation of an express lien, has been lost by the transfer of the obligation of the vendee as collateral security. Complainant BT. L. Cate being indebted to his co-complainant, B. E. Lillard, assigned to him, as collateral security, a note which had been executed by the defendant, M. E. Cate, as part consideration for *42the sale of a tract of land, no lien having been retained in the deed of conveyance. This note was transferred to Lillard with the following indorsement: “This…