McDaniel v. Short

Citations

• 127 Miss. 520
• 90 So. 186

Syllabus

<p>1. Limitation op Actions. When secured debt is barred both the right and remedy are extinguished.</p> <p>Where a secured debt is barred by the statute of limitation, both the right and the remedy are thereny extinguished, and no title is obtained by foreclosure thereunder, nor can the barred lien be revived by the mortgagee who obtained possession after the lien was extinguished. Sections 3093 and 3115, Code 1906 (sections 2457 and 2479, Hemingway’s Code).</p> <p>2. Vendor and Purchaser. Where mortgagee takes possession after mortgage is extinguished, he has no rights against purchaser without notice.</p> <p>Where possession of the land is taken by the mortgagee after the mortgage is extinguished, the rights of a mortgagee in possession are not acquired, and the mortgagee thus in possession cannot prevail against the title of subsequent grantees without notice.</p>