Perkins v. Swank

Citations

• 43 Miss. 349

Syllabus

<p>1. “Innocent Puechaseb” Defined — He is an innocent purchaser who buys a legal estate and pays the purchase price without knowledge of an outstanding equity. The title purchased must be apparently perfect, and there must be some present new consideration actually paid. The mere settlement of an antecedent debt, without any new consideration being paid, is not sufficient.</p> <p>2. Notice. — If notice of a prior equity be imparted to an innocent purchaser for value, before payment of any or all the purchase money, though he already have the deed, equity will hold so much of the money as shall remain unpaid.</p> <p>3. Genebal Pbinoiples. — If two parties claim by equitable title, he who is prior in time, is better in right, and where equities are equal in merit, the law shall prevail.</p> <p>4. Mobtgages and Deeds of Heust, as Affected by Pbiob outstanding Equities. Referring to Pope et al. v. Pope et al., 40 Miss. R., 517. If the court meant that a mortgage or deed of trust resting upon a present and cotemporaneous and valuable consideration, is not entitled to protection under the principles applicable to innocent purchasers, we are not prepared to concur; but in so far as the court declares that such instruments, when executed to secure a pre-existing debt, are unprotooted by the law applicable to innocent purchasers, the judgment of the court is in harmony with the authorities; and this was the only point adjudicated.</p> <p>5. Possession when Notice of Title. — Possession by the vendee underian unregistered deed, is notice of the deed ; i. e., such possession is notice of the possessor’s title, whatever it be ; and is sufficient to put creditors, purchasers and other interested parties on their inquiry. Dixon et al. v. Lacoste, 1 S. & M., 107.</p> <p>6. Eextuees at Common Law. — The general rule at common law is, tjiat whatever is annexed to the freehold becomes part of it, and cannot be removed, except by the owner of the inheritance. But there were always ex