Weems v. Love Manufacturing Co.

Citations

• 74 Miss. 831

Syllabus

<p>1. Judicial Sales. Caveat emptor. Warranty. Exception.</p> <p>The general rule is that judicial sales are made without warranty, and the doctrine of caveat emptor is applicable; but this rule should not be enforced so as to compel a purchaser to pay his entire bid after he had been made to satisfy a prior demand against the property, where the whole litigation and sale had proceeded upon the idea that the property was sold freed from incumbrances, and that the proceeds were to be devoted to their satisfaction.</p> <p>2. Assignment eoe Ceeditoes. Receiver. Sale. Code 1892, ch. 8.</p> <p>In the case of a general assignment, administered under code 1892, ch. 8, where previous attachments have been levied upon the property, a sale made by the assignee-receiver should be of the property freed from the lien of the attachments, and the proceeds should be applied by the court to the payment of the attaching creditors if they prove prior right, they being parties to the chancery suit.</p> <p>3. Same. Assignee-receiver. Dual relation.</p> <p>Under code 1892, chapter 8, the assignee in a general assignment, who has given bond, etc., occupies a dual relation. Perry-Mason Shoe Co. v. Sykes, 72 Miss., 390, approved.</p> <p>4. Same. Fraud. Penalty.</p> <p>The only penalty inflicted by the law upon one who executes, or procures the execution to him, of a fraudulent assignment, is the loss of the benefits of the instrument.</p>