McDonald v. Vinson
McDonald v. Vinson
Opinion of the Court
delivered the opinion of the court.
It is well settled that a power of saffi in a mortgage or deed
The deed of trust in this case may be enforced by the Chancery Court, as if no trustee had been appointed. The bill is constructed on the erroneous theory that it is necessary to have some special ground on which to resort to chancery in such a case ; and it prays the confirmation of the appointment of a trustee, in the exercise of the power of substitution conferred by the deed, and that he may be empowered to execute the trust by a sale. The bill shows a promissory note, secured by a deed of trust, with condition broken ; and that is all that is necessary to maintain it. The bill was brought, and process issued and served, before the note was barred by the Statute of Limitations ; and the fact that the note was nearly barred makes no difference. The running of the statute was stopped by the commencement of the suit.
. Decree affirmed, and cause remanded for defendant to answer in thirty days.
Reference
- Full Case Name
- W. J. McDonald v. A. G. Vinson, County Superintendent, etc.
- Cited By
- 5 cases
- Status
- Published
- Syllabus
- 1. Chancery. Jurisdiction. Deed of trust, with power of sale. A power of sale in a mortgage or deed of trust does not affect the jurisdiction of a court of chancery over such instruments, nor abridge the right of the beneficiary to resort to that court for the enforcement of his security. 2. Deed oe Trust. Power of sale, appointment of trustee, etc. Effect. A power of sale, or for the appointment of a new trustee, or other like power, in a mortgage or deed of trust, enlarges the right of the donee, but does not diminish it. 3. Same. Jurisdiction of chancery. Condition broken. After a breach of the conditions of a mortgage or deed of trust, the cestui que trust may resort to a court of chancery for its enforcement, without alleging any other ground therefor than such breach. 4. Same. Foreclosure. Statute of Limitations. Where the trustee in a deed of trust cannot execute the trust for want of time to advertise the sale before the bar of the Statute of Limitations, it may be enforced by a bill in chancery, filed at any time before such bar.