Bass v. Estill

Citations

• 50 Miss. 300

Syllabus

<p>1. Practice — Office Confession of Judgment — Its Effect. — Under tbe statute (Code of 1857, p. 523), an office confession of judgment must be confirmed by the court before it becomes a judgment. When confirmed, tbe lien thereof does not relate back to the time of confession, but only to its confirmation.</p> <p>2. Same — Deeds in Trust — -Registration.—A deed in trust, which was not acknowledged although registered, is no notice to third parties, and. is a nullity as to all tbe benefits conferred by the statute upon a properly registered instrument. Workv. Harper et al., 24 Miss., 517; Tillman v. Cowand, 12 S. & M., 262. But such an instrument is valid as to all parties who have actual notice of its contents. Wailes v. Cooper et al., 24 Miss, 328.</p> <p>3. Partnership and Individual Creditors — Rights Thereof. — The creditors of a partnership have a preference to the exclusion of the creditors of an individual member, tbe rights of the latter extending no further than to the surplus interest of the individual member after tbe joint liabilities have been satisfied. Irby v. Graham, 46 Miss., 425.</p> <p>4. Same — Marshaling Assets — Case in Judgment. — B., tbe judgment creditor, having notice of tbe trust deed of E. & F. and E. & Son; held, , that the conveyance confers a preference to the extent of $5,000 —the sum named in it — to all the property embraced in it, both joint and several. The cotton being the fund first appointed to pay the trust debt, that must first be exhausted, then other joint assets, and, lastly, tbe individual property of E. When the trust creditors have been satisfied out of the joint assets, the judgment creditor has the right to the proceeds of the individual property of E., and also to the surplus interest of E. in both firms.</p>