Albritton v. Williams

• Decision Date: 11 November 1940
• Docket Number: 34283.
• Citation: 198 So. 573
• Court: Mississippi Supreme Court
• Parties: ALBRITTON v. WILLIAMS et al.

198 So. 573

ALBRITTON v. WILLIAMS et al.

No. 34283.

Supreme Court of Mississippi, In Banc.

November 11, 1940

Appeal from Chancery Court, Perry County; D. M. Russell, Chancellor.

" Not to be reported in State Reports."

Suit by Mrs. Eunice Williams and others against L. A. Albritton. From an adverse judgment, L. A. Albritton appeals.

Affirmed.

A. T L. Watkins, of New Augusta, for appellant.

Hannah, Simrall & Foote, of Hattiesburg, for appellee.

ETHRIDGE, Justice.

This case has been here on a former appeal, and is reported in 184 Miss. 857, 186 So. 324, where a statement of the pleadings and record, as then before the Court, is made, the judgment of the lower court being reversed, and the cause remanded for the hearing of certain proof as to the effect of the second deed of trust to the Perry County Bank.

On remand of the case it is shown by the testimony that the first deed of trust held by the Perry County Bank was past due, and that no payments had been made thereon; and that the bank was threatening to foreclose. The bank's deed of trust was on appellant's land, the timber growing thereon being excepted, a certain period of time being allowed within which appellant was to cut and remove such timber.

The Guaranty Bank of D'Lo, Mississippi, also held a deed of trust giving a first lien on the timber in question, and a second lien on the land. A representative of that bank went to New Augusta for the purpose of inducing the Perry County Bank to extend the time for payment of its deed of trust another year; and as an inducement so to do, it was agreed between the representative of the Guaranty Bank of D'Lo and the Perry County Bank that the latter bank should get a first mortgage on both the land and timber in question, under a new deed of trust, such deed of trust being a first lien thereon; and that the Guaranty Bank of D'Lo would take a deed of trust on the land and timber, with a stipulation therein to that it was a second, or subordinate lien to that held by the Perry County Bank; and the Bank of D'Lo paid the interest then due on the deed of trust held by the Perry County Bank, and a new deed of trust was given to each of the banks.

In the new deed of trust there was nothing said about the timber in the former deed of trust to the Perry County Bank, it being stated therein that it was an extension and renewal of the first deed of trust, and that it was a first lien on the land.

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