Stimpson v. Bishop

Citations

• 82 Va. 190
• 1886 Va. LEXIS 23

Syllabus

<p>1. Trust Deeds—Debt—Discharge—Assignment.—Mortgage secures the debt. No change in form of the evidence, or mode or time of payment'; nothing short of actual payment, or express release of the debt, will discharge the mortgage. Transfer of the debt carries with it the security without assignment or delivery thereof.</p> <p>2. Chancery Practice—Accounts and reports.—When report, based on accounts of long standing and great confusion, is confirmed by court below, it will not be disturbed here, unless error is palpable.</p> <p>3. Idem—Judicial sales—Modus vincit.—In judicial sales of property embraced in deeds of trust and other instruments, where the terms of sale are agreed on, the contract governs, and the court hath no discretion as to the terms. Pairo v. Bethel, 75 Va. 825.</p> <p>4. Case at Bar.—B. held trust deed on H.’s land to secure his debt. H. sold the land to S. who gave bond to B. for less than B.’s debt, which bond, B. accepted to be, when paid, in discharge of his debt. Title proved defective, and S. had to relieve it of an encumbrance and incur costs of suit in defence of title. B. had made no misrepresentations as to the title and no guaranty thereof. In suit by S-against B.—</p> <p>Held:</p> <p>1. The acceptance of the bond did not discharge B.'s trust deed.</p> <p>2. B. is under no liability to indemnify S. against either the encumbrance or the costs.</p>