Wooten v. Buchanan

Citations

• 49 Miss. 386

Syllabus

<p>1. Voldntaby Payment — How Applied. — A debtor making a voluntary payment, may direct to what debt (if there be more than one) the credit shall be applied. If he gives no direction, the creditor may make the appropriation. If both omit it, the law will apply. United States v. Kirkpatrick, 9 Wheat., 737; Patterson v. Hill, 7 Cow. Rep., 747, note 6.</p> <p>2. Same. — This principle is not applicable whore payment is enforced by process of law, or in invitum. Blaekstone’s Bank v. Hill, 10 Pick., 133; Bennett v. Lewis, 2 Pick., 123, note.</p> <p>S. Money Raised by Sale op Moetoaoed Pbopeety — How Applied. — Where there are several notes secured by a mortgage, and all the notes are due, the money arising from the sale of the mortgaged property should be applied ratably to the several notes secured by the instrument. And this, whelhor there has been a judgment at law, obtained upon one of the notes. Parker v. Mercer, 6 How. R., 323; Cage v. Iler, 5 S. & M., 420.</p> <p>4. Courts of equity will take no steps for relief of sureties which would be injurious to the creditor.</p> <p>5. Pubchasee pbom Subety. — Purchaser from a surety whose property is under a lien, takes his place, and is substituted to all his rights and equities.</p> <p>6. Rights of A Subety. — The only equity which a surety has when his land is levied upon, is to force his creditor to exhaust the security that the principal debtor had made on his property, before a sale of property of surety.</p> <p>7. Belief of Subety in Couet of Equity. — The postponement of process upon a judgment against sureties, until after the property of the principal debtor had been exhausted and applied to the debt, is what a court of equity would do at the suit of a surety.</p> <p>8. Case in Judgment_Money arisiDg from foreclosure of vendor’s lien, the law applies ratably to all the notes, although there may he different sureties upon the notes and judgment against one and not against the others. Under such circumstances, the