Summers v. Brice

Citations

• 36 S.C. 204
• 15 S.E. 374
• 1892 S.C. LEXIS 91

Syllabus

<p>1. Unrecorded Mortgase — Subsequent Purchaser for Value. — As against a prior unrecorded mortgage of land, a subsequent purchaser by deed (which was not recorded within time, but was recorded before the mortgage) has no superior rights if he had actual notice of such ' mortgage, nor unless he was a purchaser for valuable consideration; that is to say, unless he has parted with value at the time of his purchase, or subsequent thereto, and before notice received of the prior mortgage.</p> <p>2. Note and Mortgage- — -Different Dates. — The Circuit Judge sustained in his finding of fact, that a mortgage dated February 20 was given to secure money lent that day, represented by a note dated February 6, there being testimony to support such finding. The mere difference in date of the two instruments does not prove that they were separate transactions.</p> <p>3. Unrecorded Mortgage- — -Subsequent Purcuaser for Value. — One who takes a deed of conveyance to land on the consideration of a past due debt owing to him by grantor, and on the further consideration of his agreement with grantor to pay debts for nearly all of which they are jointly liable, one of which is secured, but none paid before notice received by grantee of a prior unrecorded mortgage, is not a subsequent purchaser for valuable consideration as against such mortgage.</p> <p>4. Ibid. — Ibid.—Equities.—A mortgagee who has parted with his money on the faith of the mortgage, has an equity superior to a subsequent grantee who has not paid a dollar on his purchase. ■</p>