Parke & Lacy Co. v. White River Lumber Co.

On June 12, 1889, the respondent, Hilton, executed to appellant a mortgage on real estate to secure payment of a promissory note of the same date made jointly by the White River Lumber Company and W. D. Parsons, for $650 and interest, payable to the order of plaintiff nine months after date; and also to secure the further sum of $3,064, payable to plaintiff according to the terms of a written agreement of same dater attached to and made a part of the mortgage, of which the following is a copy:

The conditions of the mortgage are that if default be made in the payment of said sums of money or any part thereof as provided in said note or agreement, the mortgagee may sell the mortgaged property and apply the proceeds, etc.

The mortgagor, Hilton, was not interested in the transactions between plaintiff and the other defendants, but executed the mortgage merely for the accommodation of the White Eiver Lumber Company and' Parsons, to whom he or his mortgaged property stands; in the relation of mere surety, of which the mortgagee, had notice at the time the mortgage was executed; and it is not disputed that he is entitled to all the rights and favor accorded by law to a surety. That is…