McCarroll v. Alexander

Citations

• 48 Miss. 128

Syllabus

<p>1. Equity — resulting trust. — If one buy land in tbe name of another and pay the consideration money, the land will be held by the grantee in trust for the benefit of him who advanced the money. So, also, if there has been only a partial advance of the money, the trust will result pro tanto; the foundation of the trust in such cases being that the property really belongs to him whose funds have paid for it. Bub the facts creating the trust must exist at the time of the conveyance. Bor it is the money which has gone to the vendor, as an inducement to the conveyance, that creates the equity.</p> <p>2. Same — application of another’s money to take up outstanding notes for purchase money. — After the legal title has been conveyed, the application of another’s money to -pay notes for purchase money creates no such trust in favor of the other. The trust must attach, if at all, at the time of the conveyance.</p> <p>3. Husjjand and wife. — That the relation of debtor and creditor may exist between husband and wife, illustrated.</p>