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63 Ala. 336

Thurman v. Stoddard & Co.

Supreme Court of Alabama

Decided December 15, 1879

Supreme Court of Alabama · decided 1879-12-15

Heard before the Hon. N. S. Graham. The bill in this case was filed, on the 6th July, 1874, by E. B. Stoddard, a merchant doing business in Charleston, South… Held: that the defendants were severally estopped from setting up these defenses; and he therefore rendered a decree for the complainant, ordering a sale of the mortgaged lands. From this decree Thurman only appeals, and he assigns it as error, so far as it subjects the lands claimed by him to sale under the mortgage.

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Decided 1879-12-15

How this case has been cited

Cited by 4 later decisions — most recently March 1928

1 federal appellate · 3 state decisions

20187918801890190019101920decided

Later decisions citing this case, by decade. The current decade is in progress, and our corpus holds fewer opinions from the most recent years, so the latest bars are undercounted — not a real decline.

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BBICKELL, C. J.

¶1Errors are assigned only by the appellant William D. Thurman; and of consequence, it is only necessary to consider the correctness of the decree so far as it may affect him. The question does not seem to us, as is argued by his counsel, whether he has estopped himself from asserting the equitable lien, which, as a vendor, he may have on parts of the mortgaged premises, by his attestation of the mortgage, without disclosing it; but rather, whether the *338mortgagee is not a bona fide purchaser without notice, having the legal estate, against which the equitable lien can not prevail. The mortgage was given as security for a pre-existing debt; and if the time of payment of the debt had not been extended, nor any other new consideration had intervened, the mortgagee would stand simply in the place of the mortgagor, having no other right or equity. But, in consideration of the mortgage, forbearing the payment of his debt, extending the day of payment, he changes his condition and relation, and is entitled to protection as a bona 'fide purchaser. There is no pretense that he had any notice of the equity of Thurman as a vendor, and it can not be asserted against him. — 1 Jones on Mortgages, § 459.

¶2The decree is affirmed.

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