Atkinson v. Greaves

Citations

• 70 Miss. 42

Syllabus

<p>]. Purchaser for Vai/uf,. Extending debt. Taking mortgage.</p> <p>The abandonment by a creditor of a present right to sue, and the acceptance of a mortgage to secure his debt, payable in the future, constitute him a purchaser for value. Sdmmpert v. Dillard, 55 Miss., 348.</p> <p>2. Bona Fide Purchaser. Payment of consideration. Burden of proof.</p> <p>Though the defense of a bona fide purchaser is affirmative, and must be pleaded and proved by one who relies upon it, proof of payment of the consideration is prima facie evidence of the want of notice, and devolves upon the opposite party the burden of showing notice.</p> <p>3. Same. Purchase under trust-deed. Notice.</p> <p>When, to secure a creditor, a surviving husband has given a trust-deed conveying the fee of lands, as to which there is a secret resulting trust in favor of his children, the secured creditor being a bona fide incumbrancer, and afterwards the husband goes into bankruptcy, and the land is sold by the trustee and assignee in bankruptcy, acting conjointly under a decree of the bankrupt court, a good title passes, though it is recited in the schedules that the bankrupt had only a'life-estate. The purchaser acquires title through the trust-deed, regardless of the recitals in the schedules.</p>