A Selection of Cases On the Law of Suretyship
A Selection of Cases On the Law of Suretyship
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In Sawyers v. Baker, 72 Ala. 49, the purchaser, i. E. Mortgagor, sold a moiety of the land purchased, and the sub-vendee's payment of his purchase money was credited upon the purchase money note given by the first vendee with a surety to his vendor. The surety paid what remained due on this note, but was not permitted to enforce, by subrogation, the original vendor's lien upon the moiety sold to the sub-vendee. — Ed.
7 Only the opinion of the court is given. — Ed.
SECT. I. ] UZZELL V. MACK. 361... first note, which left upwards of $300 of the purchase money unpaid to Houser.
Subsequently Plummer has become insolvent, and Uzzell has paid to Houser the balance due him for the lots, and for the payment of which he was bound as Plummer's surety.
When Mack purchased the lots, he knew that a lien was retained by Houser, in the deed to Plummer, and he also knew that the purchase money had not all been fully paid.
There is no question but that, as a general principle, sureties, who pay a debt, are entitled to stand in the place of a creditor, as to all securities or liens, which he may have against other persons or property on account of the debt.
What to read after A Selection of Cases On the Law of Suretyship?
You can find similar books in the "Read Also" column, or choose other free books by James Barr Ames to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
In Sawyers v. Baker, 72 Ala. 49, the purchaser, i. E. Mortgagor, sold a moiety of the land purchased, and the sub-vendee's payment of his purchase money was credited upon the purchase money note given by the first vendee with a surety to his vendor. The surety paid what remained due on this note, but was not permitted to enforce, by subrogation, the original vendor's lien upon the moiety sold to the sub-vendee. — Ed.
7 Only the opinion of the court is given. — Ed.
SECT. I. ] UZZELL V. MACK. 361... first note, which left upwards of $300 of the purchase money unpaid to Houser.
Subsequently Plummer has become insolvent, and Uzzell has paid to Houser the balance due him for the lots, and for the payment of which he was bound as Plummer's surety.
When Mack purchased the lots, he knew that a lien was retained by Houser, in the deed to Plummer, and he also knew that the purchase money had not all been fully paid.
There is no question but that, as a general principle, sureties, who pay a debt, are entitled to stand in the place of a creditor, as to all securities or liens, which he may have against other persons or property on account of the debt.
What to read after A Selection of Cases On the Law of Suretyship?
You can find similar books in the "Read Also" column, or choose other free books by James Barr Ames to read onlineMoreLess
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