Aaron & Lindenmayer v. Warner
Mississippi Supreme Court
Aaron & Lindenmayer v. Warner, 62 Miss. 370 (Miss. 1884)
Cooper
Aaron & Lindenmayer v. Warner
Opinion of the Court
delivered the opinion of the court.
The appellee was entitled to share with the appellants the proceeds of the land. It was bound by an equitable mortgage for the notes upon which both the judgments were rendered, and the fact that the appellants’ judgment was first rendered did not entitle them to appropriate the whole of the security to its payment. The maker of the notes is insolvent, the security is insufficient to satisfy in full the claims against it, and the appellants, by virtue of their prior judgment, are attempting to exclude the appellee from a participation in the trust property. These facts warranted the appellee in appealing to a court of chancery for relief.
Decree affirmed.
Reference
- Full Case Name
- Aaron & Lindenmayer v. A. Warner
- Status
- Published
- Syllabus
- 1. Lien. Ear purchase money. Judgments on notes. Different creditors. Equal rights. Where, upon promissory notes given for the purchase-money of land and Secured by an express lien or equitable mortgage in the deed of conveyance, several judgments are rendered, in favor of two different holders of such notes, against the maker, each of the judgments is entitled to share in the proceeds of the land, even though one may have been recovered and enrolled before the other. 2. Same. Several judgments on secured notes. Chancery jurisdiction to apply security pro rata. And if the defendant in such judgments, being the maker of the notes, is insolvent and the land is insufficient in value to satisfy in full both judgments, and the owner of the one first obtained and enrolled attempts to exclude the owner of the other by selling the land under his execution, and appropriating the proceeds to the satisfaction of his judgment, the other judgment creditor may resort to a court of chancery to compel a sale and pro rata distribution under its orders.