Cummings v. Oglesby

Citations

• 50 Miss. 153

Syllabus

<p>1. Assignment of a Note by a Vendor Transfers the Lien. — Th© assignment of a note by a vendor of land transfers pro tanto the security - which vendor had for its payment. Tanner v. Hicks, 4 Smed. & Mar. Reps., 294. If the land is conveyed to an innocent and iona fide purchaser, the vendor who held the legal title as security, as well for hi® assignee as for himself, becomes thereby trustee for his assignee, and if he be faithless and destroy the lien on the land, he is still liable as trustee-for the purchase money which he has realized. Pitts v. Parker, 44 Miss. R., 252; Terry et al. v. Woods et al., 6 Smed. & Mar., 149; Parker v-Kelly, 10 S.-ned. & Mar., 191.</p> <p>2. Assignment of Purchase Money. — An assignment of the purchase money or any part of it, invests the assignee with all the rights of the vendor. It cannot be displaced but by some act of the assignee. It may be postponed in favor of an innocent purchaser, without notice, who has parted with value.</p>