Withers v. Bank of Commerce & Trust Co.

Citations

• 104 Miss. 681
• 61 So. 690

Syllabus

<p>1. Covenants. Breach of warranty. Liability. Mortgages. Foreclosures. Grantees of. purchaser. Equity. Gross-bill.</p> <p>A grantor, upon the total breach of covenant of warranty contained in a conveyance of land, is liable to the grantee only for the amount of the purchase money received by him, with interest thereon for so long a time as the grantee has been compelled to account to the true owner for rents and profits, together with costs of suit incurred, in defending against the efforts of the true owner to recover possession of the land conveyed.</p> <p>2. Same.</p> <p>Interest on the purchase money paid by the grantee, and the mesne profits of the land while in his hands, are considered by the law as the equivalents of each other, and where an accounting for mesne profits has not been required the interest cannot be recovered.</p> <p>3. Covenants. Total breach of warranty. Liability.</p> <p>Where there is a total breach of the grantor’s covenant of warranty and the grantee has been compelled to purchase an outstanding title to the land, he can recover from his grantor the money necessarily expended by him for that purpose, or he can set it off against whatever amount he may still owe the grantor for the land. ,</p> <p>4. Mobtgages. Foreclosures. Grantees of purchaser. Breach of warranty. Liability. Rents. Interest.</p> <p>Where the assignee of a trust deed and the notes secured thereby given for the purchase money of land, foreclosed the trust deed and bought the property at the sale and then sold the land to a third party with covenants of warranty, who went into possession, and the heirs of the grantor in the deed of trust filed a bill attacking the validity of the trustee’s sale, making the assignee and the third party parties, and the court having decided that the trustee’s sale was void, the third person purchased the title of the heirs for a price arrived at by taking the amount which the third person would have to pay the heirs for rent during his pos