Thatcher & Co. v. Massey

Citations

• 20 S.C. 542
• 1884 S.C. LEXIS 46

Syllabus

<p>1. Exceptions to an intermediate decree should be, taken at the time; still, if not taken until final decree rendered, they will be considered.</p> <p>2. A note for advances payable at a future day, secured by an agricultural lien, which provides for interest on the advances at the rate of two and' one-lialf per cent, a month from the date of each, after maturity draws-legal interest only.</p> <p>3. A mortgage of land and agricultural lien were taken to secure advances to the extent of $2,000, but advances thereunder were made to a larger amount, and the cotton crop covered by this agricultural lien was shipped to the creditor without direction as to its application. Held, that the-proceeds of the cotton was applicable to the $2,000 indebtedness, and the-creditor could not apply it to the unsecured excess.</p> <p>4. But other payments made by the debtor without directions, the creditor could apply to any demands he then held against the debtor, and this right the creditor could exercise at any time before verdict or judgment.</p> <p>5. Concurrent finding of fact by referee and Circuit judge, approved.</p>