McGarvey v. Hall

Citations

• 23 Cal. 140

Syllabus

<p>If at the time of the execution and delivery of a promissory note, the payor also give the payee a bill of sale of personal property by way of mortgage to secure the note, and also deliver possession of the property, the payor has a right to have the property mortgaged applied in satisfaction of the debt; and if the payee sells any of the property he has a right to have the proceeds or value applied towards the satisfaction of the debt.</p> <p>If the payee sells the note, the purchaser takes it subject to the equities subsisting between the original parties.</p>