Newman v. Kling

Citations

• 73 Miss. 312

Syllabus

<p>CoíttbActs. Husband’s debt. Deed of trust on wife’s land. Cancellation by substitution.</p> <p>A married woman who has executed a deed of trust on her lands to secure the payment of the promissory note of her husband, a country merchant, is entitled to a cancellation of the same, in equity, when the cestui que ti'ust, his commission merchant, has, after the maturity of the note, without her knowledge or consent, contracted with her husband, upon new considerations and other security, that the balance due on the note shall be treated as an advance for the succeeding year, and accepted from him and discounted, with deduction of commissions, a new note including such balance and an additional advance of money then made, the net proceeds of which new note he credited on the husband’s account. These circumstances constitute, in legal effect, a cancellation, by substitution, of the note secured by the deed of trust, and it is immaterial that the cestui que trust, by agreement with the husband, retained that note as security for the new note.</p>