T. H. & J. M. Allen & Co. v. Bratton

Citations

• 47 Miss. 119

Syllabus

<p>1. Promissory note made in- one-state, payable in another^governed by the law OF/yTH-B-fcATTEifr; — A note made in Mississippi to be paid in Tennessee, is governed by the law of the state of Tennessee.</p> <p>2. Law of Tennessee — indorsee of note as collateral security for antecedent debt. — By the law of Tennessee, an indorsee, who takes a note as collateral security for an antecedent debt, holds it subject to all the equities between the original parties.</p> <p>3. Promissory note — common law — indorsee of note over due holds subject to equities. — By the common law, the indorsee of a note over due, takes it subject to all the equities between the original parties.</p> <p>4. Vendor and vendee — fraudulent misrepresentation — rescission of contract. — Fraud and misrepresentation of a vendor as to the situation and quality of land sold, together with insolvency of the vendor, entitles the vendee to a rescission in equity, and to a decree charging the land with a lien for the purchase money paid on it.</p>