Tishimingo Savings Institution v. Buchanan
Mississippi Supreme Court
Apjpjsal from the Chancery Court of Alcorn County. Hon. F. A. Critz, Chancellor. . L. M. New was the owner in fee ,of lot 3, block 51, in Corinth, and J. M. New was the owner of other property. On April 17, 1871, they jointly borrowed from the Tishimingo Savings Institution the sum of $1,000, and gave therefor their joint promissory note payable on December 17, 1871, and bearing interest at the rate of two per cent per month, paj7able monthly in advance.
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Apjpjsal from the Chancery Court of Alcorn County. Hon. F. A. Critz, Chancellor. . L. M. New was the owner in fee ,of lot 3, block 51, in Corinth, and J. M. New was the owner of other property. On April 17, 1871, they jointly borrowed from the Tishimingo Savings Institution the sum of $1,000, and gave therefor their joint promissory note payable on December 17, 1871, and bearing interest at the rate of two per cent per month, paj7able monthly in advance. To secure the paymeut of this note they executed in favor of the Tishimingo Savings Institution a deed of trust, with J. W. Whitmore-,…
1Opinion of the CourtCampbell, C. J.
The appellant was authorized by its charter to loan money, *504and secure it by taking a deed of trust on land. The note of the Messrs. New to the appellant was not barred by the Statute of Limitations at the commencement of this suit.
The sale under the deed of trust to the appellant, and the purchase by A. H. Taylor, if not vacated by the decree of the District Court of the United States at Oxford, should be set aside because of the circumstances attending it, and the appellant should stand as a creditor holding the note secured by the deed of trust, to the extent that the note has not been…
2Cases cited1 opinion
- Simonton v. . LanierSupreme Court of North Carolina · 1874
3Cited by4 opinions
- State v. German Savings BankCourt of Appeals of Maryland · 1906
- Bank of Miss. v. MISS. LIFE & HEALTH INS. GUARANTY ASSN.Court of Appeals of Mississippi · 2003
- Holmes v. BatesMississippi Supreme Court · 1953
- Treasurer v. MartinOhio Supreme Court · 1893