American Mortgage Co. v. Milam
Supreme Court of Arkansas
Appeal from Franklin Circuit Court, Ozark District. Jephtha H. Evans, Judge. The act making the same limitation apply to mortgages as to the debts secured does not apply to the right of the mortgagee to take possession and apply rents and profits to debt. 16 Ark. 129; Boone, Mortgages, § 209; Wood, Lim. 451; Angelí, Lim. §§ 7, 23 and 29; 5 Ark. 536. The fact that the remedy on the debt is barred does not not extinguish the indebtedness.
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Appeal from Franklin Circuit Court, Ozark District. Jephtha H. Evans, Judge. The act making the same limitation apply to mortgages as to the debts secured does not apply to the right of the mortgagee to take possession and apply rents and profits to debt. 16 Ark. 129; Boone, Mortgages, § 209; Wood, Lim. 451; Angelí, Lim. §§ 7, 23 and 29; 5 Ark. 536. The fact that the remedy on the debt is barred does not not extinguish the indebtedness. Jones, Mortgages, § 1203; Wood, Lim. pp. 77 and 451; 13 Am. & Eng. Enc. Law, page 705, note 1. The mortgage contains an express covenant to pay the debt, and,…
1Opinion of the Court
Wood. J.
This was an action in ejectment, brought by appellant January 19, 1895, to obtain possession of a certain tract of land which it claimed under a deed of trust executed February 13, 1883, by Rufus K. Milam and wife to J. K. 0. Sherwood, trustee for appellant. Appellee claimed title under a deed from said Milam and wife, executed to him on the 3d day of October, 1893, and he pleaded “that plaintiff’s cause of action had not accrued within five years.” This plea presents the only question. The deed of trust was given to secure an indebtedness of $500 evidenced by an unsealed promissory…
2Cited by6 opinions
- Sims v. MillerSupreme Court of Arkansas · 1922
- Mueller v. LightSupreme Court of Arkansas · 1909
- Culberhouse v. HawthorneSupreme Court of Arkansas · 1913
- Keller v. WhittingtonSupreme Court of Arkansas · 1913
- New England Mortgage Security Co. v. RedingSupreme Court of Arkansas · 1898
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