Mitts v. Price

Citations

• 129 Miss. 554
• 92 So. 163

Syllabus

<p>1. Chattel Mortgages. Presupposes an existing indebtedness; but, where there is none, an agreement to resell does not convert, an absolute conveyance into a mortgage.</p> <p>A mortgage presupposes an existing indebtedness, which the grantor or mortgagor remains under a legal obligation to pay, and, wherever no such obligation exists, an agreement to resell does not convert an absolute conveyance into a mortgage, but it is a mere privilege to repurchase.</p> <p>2. Chattel Mortgages. Where contract of sale with right to repurchase specifies no time for performance, the right must be exercised within reasonable time.</p> <p>In a contract of sale of personal property with the right to repurchase, where the contract specifies no time for performance, the right must be exercised within a reasonable time.</p> <p>3. Chattel Mortgages. Where possession is delivered to buyer with contract to repurchase, such right must be exercised within the period of limitation.</p> <p>Where the possession of personal property is delivered to the vendee under a contract of sale, with the right to repurchase, where the contract specifies no time for performance, what would be a reasonable time within which the right must be exercised must be determined in each case by the facts and circumstances of the particular case, but it must be within such time as would bar the vendor’s right to recover the property if it had been held adversely from the beginning.</p> <p>4. Chattel Mortgages. Where personal property is delivered to buyer under sale contract, zvith right to repurchase, the right must be exercised within the statute of limitations as to adverse possession.</p> <p>Where the possession of personal property is delivered to a vendee under a contract of sale with the right to repurchase, and no time for the exercise of this right is specified in the contract, it must be exercised within the period of time prescribed by the statute of limitations for the institution of a suit for the recov