Natchez Insurance v. Helm

Citations

• 21 Miss. 182

Syllabus

<p>The case of Doe on the demise of Helm-v. The Nalchez Insurance Company, 8 S. & M. 197, so far as it relates to the construction of the valuation law, and the mode of appraising property levied on under execution, which is at the time under appraisement from previous levies on other executions; and also so far as it relates to the sale under the last execution of such previously appraised property ; cited and affirmed.</p> <p>The Natchez Insurance Company being the owner of some land, the Planters’ Bank and Rhasa Parker having each judgments against the company, the former for $4397, and the latter for $3761, levied executions on the land ; Stanton, Buckner & Co., after the other judgments also obtained a judgment against the company for $16,212, and levied their execution on the same lot; the two former levies being at the time suspended by the appraisement of the land, and its failure to bring the two thirds of the appraised value, the land under this last levy was appraised subject to the former incumbrances at $10,842, and was sold to Helm for $7228; being two thirds of the last appraisement; Helm afterwards purchased the Planters’ Bank and Parker judgments, and was proceeding to enforce them out of other property of the company ; whereupon the company filed their bill to enjoin their collection and procure their satisfaction : Held, that Helm having bought the property subject to those incumbrances, was bound to extinguish them, and could sell no other property under them but that which he had bought; and if the company had paid any part of these judgments before Helm purchased them, he must refund them the money so paid.</p> <p>A purchaser of property at sheriff’s sale, who settles his bid with the plaintiff in execution, by a debt he holds against the plaintiff, is as much a bonajide purchaser and entitled to the property, as if he had paid money; and it makes no difference if the judgment under which he purchased is after-wards reversed.</p>