Newburger & Korg v. Perkins ex rel. Perkins
Newburger & Korg v. Perkins ex rel. Perkins
Opinion of the Court
delivered the opinion of the court.
The deed of trust executed by Perkins and wife to secure the debt due to Eskridge and the advances to be afterward made by him to them contained an express stipulation that Eskridge should be permitted to apply any payments made to him by the debtors, or the proceeds of any of the mortgaged cotton to the extinguishment of any sums which at any time might be due on open account
The other questions upon which counsel for appellants desires an expression of our views are not presented by the record.
The decree is reversed and cause remanded.
Reference
- Full Case Name
- Newburger & Korg v. Hugh J. Perkins, by next Friend, F. V. Perkins
- Status
- Published
- Syllabus
- Deed of Trust. Stipulation for diversion of payments. Case in judgment. Where it is stipulated in a deed of trust upon land and cotton to secure a specified debt that the cestui que trust may apply any payments in money or the proceeds of any cotton delivered to him to the satisfaction of the debt secured, or “to the payment of any indebtedness which may be now due or •which may hereafter become due to him upon open account,” by the grantor, as he may elect, such stipulation is valid and may be carried out according to its terms by the cestui que trust.