Owen v. Cook
Owen v. Cook
Opinion of the Court
Land in this case was sold, for purposes of partition, to one Hall, who executed his notes; for the purchase-money as required by the terms of sale.. The first note falling due, and one Redmon proposing to* pay it for him on certain terms, the owners of the property, for whose benefit the sale was made, accepted his-proposition, and the agreement was embodied in a decree' entered in this cause on May 12, 1874. This decree is in these words: “In this cause it appearing to the satisfaction of the court that Hall, the purchaser of the land described in the pleadings, is unable to pay in full his first
The parties now differ as to the agreement. Redmon-insists that he was to be entitled to priority of satisfaction,, while the owners of the land claim that he was only to be-subrogated to their rights to the extent of the money thus paid, after the residue of the purchase-money was paid. I do not think that the language used admits of either construction. The decree says that, upon the payment of the-first purchase-note by Redmon, he be substituted to the-rights ef those for whom the said land had been sold, “ to the extent that he shall have their lien pro tanto upon the said land ” for the money so paid by him. Now, what is “ their lien” upon the land? It is, speaking accurately, the lien, reserved on the whole land for the whole purchase-money. In this view, Redmon woul 1 come into this common lien to the extent of the money so paid by him, and share pro-rata with them in the proceeds realized. The parties probably meant to subrogate Redmon to the lien of the note-thus paid by him, in whole or in part; but, if so, it would not alter the result. The transaction was, in that view, merely an assignment to Redmon of the note so paid, with the lien retained for its payment. But it is the settled law of this state, where land is sold and promissory notes taken for the payment of the purchase-money, retaining a lien for their security, and some of them are assigned with the
Case-law data current through December 31, 2025. Source: CourtListener bulk data.