Fievel v. Zuber

Citations

• 67 Tex. 275
• 3 S.W. 273
• 1887 Tex. LEXIS 863

Syllabus

<p>1. Mortgage.—Limitation.—The power of a trustee to sell under a deed of trust may be executed though a right of action in the courts of the country upon the debt secured by the deed, may be barred by the statute of limitations, and the purchaser takes title free from the lien of a subsequent mortgagee with notice.</p> <p>2. Cases Reviewed.—Goldfrank, Frank & Co. v. Young, 64 Texas, 433; and Duty v. Graham, 12 Texas, 427, reviewed.</p> <p>3. Statutes op Limitation.—Our statutes of limitation with reference to debts operate solely on the remedy in the courts, but do not destroy the debt; following Goldfrank, Frank & Co. v. Young, and overruling Blackwell v. Barnett, 52 Texas, 326.</p> <p>4. Subrogation.—The payment of a debt secured by lien, though made by a stranger to the original contract, if made under an agreement with the creditor that he may hold the security for his reimbursement, subrogates him to the rights of the original creditor.</p> <p>6. Subrogation.—If a third party pay the entire debt secured by mortgage, under an agreement between himself and the debtor, that upon his doing so he shall be subrogated to the righis of the creditor, the agreement will be given effect, and the third party will stand in the place of the original creditor as to all persons interested in the property or the security. The rule in Louisiana under a statute governing it is otherwise.</p> <p>6. Same.—If, however, the payment of the debt be made at the request of the debtor, with exclusive reliance on his promise to repay, the mortgage debt is extinguished, and no subsequent act of the mortgagor can revive it to the prejudice of a subsequent lien holder or one purchasing under him.</p>