Rensselaer Republican, Volume 22, Number 14, Rensselaer, Jasper County, 12 December 1889 — MATTERS OF LAW. [ARTICLE]

MATTERS OF LAW.

Recent Decisions of the Indiana Supreme Court. W, desiring to buy certain land, but : not having the money to make the I cash payment, borrowed it of A. W | went with the owners of the land be- ; fore a Justice of the Peace on 1 ebruajry 1, 1881, where a deed was executed Lto him for tlie land, and he executed a mortgage for the deferred purchase money. When this was done W executed a mortgage to A to secure a nonuegotiable note for the money borrowed from him. The Justice of the 5 Peacejwas intrusted with the mortgage for the purchase money, and through his neglect it was not recorded until. November, 1881, which was long after A’s mortgage was recorded. B became the owner of the A i *i9aati£age by as- ! signment on November 12,1883. Held: That as B took the assignment after the purchase money mortgage was recorded, and from one chargeable with notice, he was himself chargeable : with notice of its existence and of all the facts which reasonable inquiry would have revealed, and therefore the purchase-money mortgage has priority.

The effect of a sale by one partner of his interest in the business to one jof the continuing partners, or to a stranger, is a dissolution of the firm. A partner who purchases the interest of another partner has no implied authority to sign the name of a third partner to an obligation for such interest without his consent. One who takes a note with the knowledge that it is so given, can not claim that he had no notice of the want of authority of the partner who signed tho note. Unless the continuing partners subsequently ratify the transaction in some way, those who did not consent will not be bound. f (1)- Where one of the joint makers of a promissory note is a non-resident of this State, a judgment on such note against one of such joint makers does not merge the cause of action and constitute a bar to a subsequent judgment against the other maker. (2) Where there is a joint, or a joint and several liability, and one of the joint obiigers is the principal debtor, and the other his surety, which fact is brought to the knowledge of the creditor, and he , thereafter extends the time of payI ment to tho principle for a valuable , consideration, without the consent of ' the surety, the latter is released; but the mere taking of a note together with a cognovit is not of itself an extension of time.

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■ ■ • . f ■ 7 ' When you hear a young man say that a girl has no heart you mgy be pretty sure that 9he has his.