Thompson v. Wynne

Citations

• 127 Miss. 773
• 90 So. 482

Syllabus

<p>1. Mortgages. Payee of note extending time beyond date of trust deed without consideration is not bound thereby.</p> <p>Where the payee in a note secured by a deed of trust on real estate, as a mere matter of grace, without any new or further consideration, at the request of a payor therein, extends the time of payment beyond the due date of said note, such agreement of extension is not binding on the payee; therefore, notwithstanding same, the payee may proceed to foreclose such deed of trust before the expiration of such extended date of payment.</p> <p>3. Mortgages. Held, that beneficiary under power in deed of trust could appoint a substituted trustee after discontinuing .foreclosure proceedings.</p> <p>Where the trustee in a deed of trust, at the request of the ceshii que trust, is proceeding to foreclose the same in the manner provided in such deed of trust, and the cestui que trust, whether for any well-founded ground or not, become dissatisfied with the steps of foreclosure taken by said trustee, and has such trustee to discontinue the foreclosure proceedings, and appoints a substituted trustee in his place, such appointment is valid under a power in the deed of trust authorizing the cestui que tmst to appoint another trustee in the place of the one named in th'e deed of trust or any succeeding trustee at any time he may desire.</p>