Cook v. Reynolds

Citations

• 58 Miss. 243

Syllabus

<p>1. Limitation oe actions. Promissory note. Death of payee.</p> <p>Where the payee of a promissory note dies before it is barred by the Statute of Limitations, the running of the statute is suspended, by sect. 2162 of the Code of 1871, until letters testamentary or of administration have been granted upon the estate of the decedent.</p> <p>2. Same. Note and bond for title. Bar of action. Not payment.</p> <p>Although the bar of a promissory note by the Statute of Limitations extinguishes the right of action thereon, it is not payment so as to entitle the maker thereof, as obligee in a bond for title to a tract of land, conditioned upon the payment of the note, to demand a conveyance of the land, when in fact the note has not been paid.</p> <p>8. Bond. To convey title. Condition precedent. Bight of action.</p> <p>Where a party has given a bond to convey the title to certain land, upon the payment of a promissory note made by the obligee in the bond, no right of action on the bond will accrue until the note has been paid.</p> <p>4. Same. For title to land. Condition precedent. Specific performance. Chancery pleading and practice.</p> <p>R. gave a bond to convey the title to a lot of land to 0. upon the payment of a promissory note made by the latter. Three years after the making of this contract R. died, and his heirs brought an action of ejectment to recover from C. the possession -of the land. Thereupon C. filed ‘a bill in chancery against the heirs of R., who were minors, alleging the payment of his note and demanding to be invested with the title of the land. The proof showed that the note had not been paid, and the chancellor dismissed the bill. This court, considering that 0. is entitled to pay the money due on his note, and then to have the title to the land vested in him, reverses the decree of dismissal and directs that an account be taken to ascertain the amount due on the note, and that on payment thereof the title to the land be vested in 0. These directi