Central Trust Co. v. Meridian Light & Ry. Co.

Citations

• 106 Miss. 431
• 63 So. 575

Syllabus

<p>1. Limitation of Actions. Running of statute. Time of running. Actions on bonds. Estoppel to invoice statute. Effect of tar. Security. Rights of junior mortgagee.</p> <p>The statute of limitations begins to run, whenever the cause of action accrues. In other words, the time limited is to he computed from the day upon which the plaintiff might have commenced an action for the recovery of his demand.</p> <p>2. Limitation of Actions. Time, of running. Action on bonds.</p> <p>Where bonds provided thaf '“if default shall be made in the payment of any quarterly annual installment of interest on this bond, and be demanded, and shall remain unpaid for ninety days after such demand, the principal of this bond shall at once become due and payable.” '.In such case a right of action accrued on the date when the interest on such bonds was demanded and refused, even though there was no request that the trust deed securing the bonds be foreclosed by the trustee.’</p> <p>3.- Limitation of Actions. Estoppel to invoice statute.</p> <p>The fact that the maker of an instrument puts the statute of limitations in operation by the breach of his contract does not estop him from pleading sjuch statute, since the statutes of limitations are always put in operation by the wrongful acts of the '■ parties invoking them.</p> <p>4. Limitation of Actions. Effect of tar. Security. Rights of junior mortgagee.</p> <p>A junior mortgagee has no right to redeem the property covered by his mortgage from a sale under a prior mortgage when the debt secured by his mortgagee is barred by the statute of limitations.</p> <p>OPINION ON SUGGESTION OF EBKOR. •</p> <p>1. Limitation of Actions. .Accrual of action.. Bonds Limitation of actions.</p> <p>Where bonds on their face provided that if interest thereon remained unpaid ninety days after demand',.-the principal should become payable, the right of action upon such default was not affected by a provision in a deed of trust securing the bonds, that should ther