Davis v. Marx

Citations

• 55 Miss. 376

Syllabus

<p>1. Chattel Mortgage. Property to be acquired.</p> <p>A mortgage of a certain described horse, and all other live stock of which the mortgagor may become owner during the jnsar, gives a valid lien upon any horse or other animal which the mortgagor may acquire during the given year, by one or more exchanges of the first-mortgaged horse and his successors.</p> <p>2. Sa'me. After-acquired property. Case in judgment/.</p> <p>J. gave a deed in trust on an iron-gray horse, and all other live stock of which he might become owner during that year, to secure a debt of $384 which he owed Martin. J. then exchanged the iron-gray for a bay horse, and subsequently traded the latter to Marx for a roan horse, giving his note for $118, as the difference in the value of the horses, and securing the same to Marx by a deed in trust on the roan. These trades were within the year covered by Martin’s deed in trust, of which Marx had actual notice. Martin filed a bill to subject the roan horse to the payment of his debt. Held, that the roan horse should be sold, and out of the proceeds of the sale Martin should receive the value of the bay horse, and the balance, if any, should be paid to Marx.</p>