Taylor v. Farmers' Bank
Court of Appeals of Kentucky
Case 60 — PETITION EQUITY APPEAL PROM CAMPBELL CIRCUIT COURT. 1. After judgment against him, Menzies might have enforced the mort» gage in his own behalf (Tilford, &c., v. James’ Adm’r, 7 B. M., 336; Haven v. Poudry, 4 Met., 247, 249), and, therefore, the hank might likewise have done so. 2. The creditor is entitled to he substituted to any security held by the surety as indemnity.
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Case 60 — PETITION EQUITY APPEAL PROM CAMPBELL CIRCUIT COURT. 1. After judgment against him, Menzies might have enforced the mort» gage in his own behalf (Tilford, &c., v. James’ Adm’r, 7 B. M., 336; Haven v. Poudry, 4 Met., 247, 249), and, therefore, the hank might likewise have done so. 2. The creditor is entitled to he substituted to any security held by the surety as indemnity. (Sheldon on Sub., secs. 162, 163; Northern Bank of Ky. v. Macldin, &c., MS. Op.) And this is especially true where the principal debtor and his surety are insolvent, as in this case. (Bispham’s Principles of…
1Opinion of the Court
JUDGE HOLT
delivered the opinion op the court.
This is a question of subrogation. October 10, 1877, William Timberlake drew a bill of exchange for seven thousand one hundred and forty dollars and three cents upon Henry C. Timberlake, payable to the order of 'John W. Menzies. It was indorsed by the latter, after having been accepted by Henry C. Timberlake, and then delivered to the latter and negotiated by him for his benefit.
March 18, 1878, the Farmers’ Bank of Kentucky sued the three parties above-named upon the bill, and *400subsequently recovered a judgment. Execution upon it was returned nulla…
2Cases cited3 opinions
- Steadman v. GuthrieCourt of Appeals of Kentucky · 1862
- Osborn v. NobleMississippi Supreme Court · 1872
- Macklin v. Northern BankCourt of Appeals of Kentucky · 1885
3Cited by9 opinions
- Westbrook v. Belton National BankTexas Supreme Court · 1904
- Alexander v. WestCourt of Appeals of Kentucky (pre-1976) · 1931
- Goff v. LaddCalifornia Supreme Court · 1911
- Arnett v. Salyersville National BankCourt of Appeals of Kentucky (pre-1976) · 1931
- Taylor v. SkilesTennessee Supreme Court · 1904
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