Summary

Portrait of Robert Cooper Grier Robert Cooper Grier Union Bank of Louisianas v. Stafford…

And in such an action, it would be no answer to this objection to the plea of the statute, that the creditor had a right to sell the mortgaged property on the failure or neglect of the mortgagor to pay the first instalment. In cases of concurrent jurisdiction, courts of equity are said to act in obedience to the statutes of limitation, and in other cases they act upon the analogy of the limitations of law. All bill to foreclose a mortgage and enforce the sale of the mortgaged property has no analogy to an action of trover, detinue, or trespass.
Source: Wikisource

Portrait of Robert Cooper Grier Robert Cooper Grier Union Bank of Louisianas v. Stafford…

When a new debtor is substituted to the old one, who is discharged by the creditor. 3d. When, by the effect of a new engagement, a new creditor is substituted to the old, with regard to whom the debtor is discharged.'
Whether this twelve months' bond operates as a novation, and discharges the mortgage or judgment without actual payment or satisfaction, is a question depending so entirely on the peculiar laws of Louisiana, that we must look alone to the decisions of the tribunals of that state for its solution.
Source: Wikisource

Get perspective with Kwize: daily news enlightened by great literature