Mississippi Valley Co. v. Chicago, St. Louis, & New Orleans Railroad

Citations

• 58 Miss. 846

Syllabus

<p>1. Corporation. Consolidation of railroad companies. Effect on debts and liabilities. Notice.</p> <p>Where, by the consolidation of two railroad companies,, another is created, which, by the terms of consolidation, acquires all of the property and franchises, and assumes all of the debts and liabilities of the two of which it is formed, and which become extinct by its creation, it takes such property subject to the debts of the original companies, and burdened with all liens upon it which were valid against those companies, and will not be permitted to aver ignorance of an unrecorded mortgage previously executed by one of the original companies.</p> <p>2. Lien. Of judgment. Of unrecorded mortgage. Notice.</p> <p>Under the registry law of this State, a judgment lien on land previously conveyed by an unrecorded mortgage of the debtor, of which the judgment creditor had no actual notice, and nothing to put him upon inquiry before the recovery of his judgment, is superior to the title of the mortgage.</p> <p>3. Purchase. At execution-sale at common law. Title acquired.</p> <p>A common law, the purchaser of land at an execution-sale acquired only the interest of the defendant in execution, and was liable to be defeated by any secret, legal, or equitable right which was superior to and available against the title of the defendant. And this rule of the common law is still in force, except where the registry laws otherwise provide.</p> <p>4. Same. Unrecorded conveyance. Judgment lien. Registry law.</p> <p>An unrecorded conveyance of such a beneficial interest in land as may be subjected to execution is void, under our registry law, as against a subsequent judgment-creditor, without actual notice or anything to put him upon inquiry before the recovery of his judgment. But where the conveyance is of a naked legal title, or an equity arising by operation of law, the statute in relation to registration has no application, and the judgment-creditor remains, as at common law,