Harris v. McCaslan

Citations

• 31 S.C. 420
• 10 S.E. 104
• 1889 S.C. LEXIS 55

Syllabus

<p>1. A school building and lot of land, covered by a mortgage to secure the payment of 75 outstanding bonds (60 held by H and 15 by K), was purchased by two teachers, M and R, who also gave their mortgage for the purchase money, and guaranteed the payment of these bonds. Afterwards, for value, K assigned 8 of his bonds to Mrs. M. and Mi’S. R., and H, for value, assigned to these same ladies 19 of his bonds, which were thereupon returned to H on deposit, in consideration of further indulgence, as collateral security for the payment of his remaining 41. The money paid for Mrs. M. was her separate properly. After that H assigned these 41 bonds to plaintiff, his daughter. Held, that as to plaintiff, these bonds of Mrs. M. and Mrs. R. were not discharged, but stood upon the same footing as the 41 held by her.</p> <p>2. A mortgagee in possession may rightfully apply the-profits of the mortgaged premises to a debt due by him to his wife for money of hers borrowed by him.</p> <p>3. Delivery of bonds to an acknowledged agent is delivery to the principal.</p> <p>4. The deposit of bonds by Mrs. M. and Mrs. R. (in 1885 and 1886) as collateral security for other bonds due by their husbands was not binding upon their separate estate, they being married women and the deposit being a contract of suretyship.</p>