Reed v. Bullington

Citations

• 49 Miss. 223

Syllabus

<p>1. Baüxbupi! Law — Liens.—The bankrupt law makesno distinction between liens, Whether by mortgage, judgment or otherwise, if they haye been acquired bona fide and are recognised by the State law, they have the same priorities and dignity as though no proceedings in bankruptcy had taken place.</p> <p>2. Same — Act oJ? 1867.--This statute vests all the property of the bankrupt in the assignee, including property attached on mesne process, made within four months next preceding the commencement of the bankrupt proceedings. The lien creditor may pursue his remedy, irrespective of the discharge. Gibson v. Green, 45 Miss. B., 218.</p> <p>3. Same — Section 20_Under this section the assignee may release to the creditor the bankrupt’s right <5f redemption on receiving such excess, or he may sell the property, subject to the claim of the creditor therein. If the property is not So Sold, or released and delivered Up, the creditor shall not be allowed to prove any part of his debt.</p> <p>4. Same — Jurisdiction Of Staíe OoUbts_where no action has been taken by the assignee or creditor, to deal with the property in the bankrupt court, the State court has jurisdiction to make the lien available.</p> <p>6. Same — Case in JudsMeNt. — Thereplications confess, that the respective defendants are released personally by their discharges, but insist that by reason of the judgment lien on the land, the creditor is entitled to satisfaction out of that. If the fact shall be so found, there is no obstacle in the way of rendering a judgment, limiting the plaintiff to a sale of the land, leaving the discharge to operate as an absolution of personal obligation.</p>