Perkins v. Gibson

Citations

• 51 Miss. 699

Syllabus

<p>Mortgage : Vendor's lien. Pmvl agreement.</p> <p>T. being indebted to G., gave tbe latter verbally tbe sale of tbe land in. controversy to pay tbe debt. G. sold tbe land to Gibson for $810, Notes were made payable to G., and T. conveyed to Gibson. There was a verbal agreement between the parties that Q-. was the vendor and T. the the grantor, and that the note was to be a lien on the land. Held, that the note operates as a lien upon the land, and it is bound for the purchase money in the hands of the vendee. Mortgages may not only be created by express deeds and contracts of the parties, but they may also be implied in equity from the nature of the transactions between the parties. Court of equity will regard the substance, and not the mere form of agreements and other instruments, and will give them the precise effect which the parties inteded in furtherance of that intention.</p>