Bank of Kentucky v. Millon
Bank of Kentucky v. Millon
Opinion of the Court
delivered the opinion of the Court.
The Bank op Kentucky in this case is seeking, by way of substitution, to reach certain slaves and other
The Bank of Kentu&ky, as creditor of the mortgagor, holding three notes of 300 dollars each on him, with Young and Milton as his securities, claim to be substituted in the place of the said sureties Young and MiR ton, who are beneficiaries in said mortgage, on the ground that the notes exhibited are the remains.of three of the debts named i,n the mortgage, reduced to their present amounts by payments and renewals.
The equity of redemption of the mortgagor in the slaves mentioned in the mortgage had been previously sold under executions against him, issued upon judgments for debts secured by the mortgage, and Eben Milton, one of the mortgagees, purchased the slaves at a full price, satisfying the executions. He then sold the said slaves to John Milton, his co-mortgagee, for a valuable consideration, who sold and passed the title of said slaves by bill of sale dated August 1,1842, to O. B, Richardson, as trustee in trust for the sole use and benefit of Elizabeth Milton and her heirs forever.
Both Eben and John Milton, the mortgagees, executed a formal deed of release, dated February 21, 1844, reciting that heretofore, in the manner stated above, the title to said slaves had passed to C. G. Richardson, in trust, &c., and releasing all claim as mortgagees, and Confirming the previous sajes of said slaves.
So that the entire interest in said slaves has passed to Richardson, as trustee. The equity of redemption, by virtue of the sale and purchase by Eben Milton of William Milton’s equity of redemption under execution for demands secured by the mortgage, an,d the legal title by virtue of the bill of sale from John Milton, and the subsequent deed of confirmation and release executed
The case was brought to a hearing and the decree rendered prematurely; but after the case had been submitted by complainant, the allegations of complainant’s bill were not traversed for the non-resident defendants, and there was no guardian ad litem appointed to answer and defend for the infant'children of Elizabeth Milton. Besides the slaves, the mortgage-embraced all the notes, dues and book accounts, and, household and kitchen furniture of the mortgagor, W.. E. Milton.
It does not appear whether the complainant may not be able'to realize something out of the other means and property described in the mortgage, and if the Bank should be disposed to set out hereafter upon an exploring expedition after the notes and accounts and the-household and kitchen furniture of the mortgagor, why no insurmountable obstruction should be interposed by the decree, which dismissed the complainant’s bill absolutely.
Wherefore, the decree of the Circuit Court is reversed, and the cause remanded, that the Circuit Court, may dismiss the complainant’s bill without prejudice.
Case-law data current through December 31, 2025. Source: CourtListener bulk data.