Piester v. Piester

Citations

• 22 S.C. 139
• 1885 S.C. LEXIS 5

Syllabus

<p>1. A sealed note payable one day after date, “with interest at the rate of two per cent, a month,” carries the stipulated rate of interest after maturity.</p> <p>2. A subsequent creditor for valuable consideration without notice of an unrecorded mortgage is protected by the act of 1843, not only as to the laud covered by the mortgage, but also as to the general assets of the estate of the mortgagor after his decease.</p> <p>3. Proceedings in the Probate Court and an order therein directing a sale and requiring a mortgage for the purchase money, do not constitute constructive notice of an unrecorded mortgage taken pursuant to such order.</p> <p>4. A mortgage as such has no precedence in the administration of the estate of one deceased, except to the extent of its specific lien upon the property mortgaged; that being exhausted, it ranks according to the grade of the demand secured thereby. Kinard v. Young, 2 Rich. Eg., 258, approved, and Edwards v. Sanders, 6 S. C., 316, reversed.</p>