Trenholm v. Miles

Citations

• 102 Miss. 835
• 59 So. 930

Syllabus

<p>1. Pledges. Elements. Sales. Definition. Landlord and tenant.'</p> <p>A “pledge” is a transfer of personal property as a surety for a debt or other obligation. A necessary element to constitute a contract one of pledge, is that the legal title to the pledged property must remain in the pledgor.</p> <p>2. Sales. Definition. Debtor. Creditor. Payment.</p> <p>Where goods are delivered by a debtor to his creditor in payment of the debt, the transaction has the effect of a sale; and the same is true, if goods are delivered by the debtor to the creditor to be sold, and the proceeds applied on the debt with a return of the surplus.</p> <p>3. Same.</p> <p>A transaction, on its face a sale, will not be converted into a pledge by a mere agreement to resell.</p> <p>4. Pledge. Sale. Nature of transaction. Landlord and tenant.</p> <p>Under the agreed state of facts in this case it was held by the-court that the delivery of the rent cotton by the tenant to the-landlord was not a pledge, but a payment by the tenant on his debt.</p>