Goar v. McCanless

Citations

• 60 Miss. 244

Syllabus

<p>1. Assignment. Priority among assignees. Dividing debt.</p> <p>All debts protected by the same security are entitled to share pro rata in its-proceeds, in the event of a deficiency; but, if the payee, in assigning them gives priority to one or more, this will be observed and enforced by the courts. Bank of England v. Tarleton, 23 Miss. 173, cited.</p> <p>2. Same. Separate notes and securities. Notice of priority.</p> <p>If the payee at the inception of the debt divides it into notes and secures each by a separate trust-deed, so that a preference by assignment can be given,, and the assignee of the first note contracts for the preference, and promptly records the deed by which it is protected in advance of the record of those protecting the other notes, this confers the priority, even if persons to whom the other notes are subsequently assigned by the payee are entitled to notice.</p>