The weekly Panola star. [volume] (Panola, Miss.) 1857-1881, 1871-03-04

hHI uH lu"rf in nNoeH.
mortgage tbai rf uG CONTRARY i
ltw aud public policy.
Second, That If ths r.gltof tbIr
parties bod been. or were about &.
be- violated, by thc action of dgan
dauis, the M rtgoes oiaue aud no
thc Trustees, had o. right to enter
complaint aud sue outau Injunction
and third, That the icsaldDlo 10th,
property being still ia the morsa
gors, it is subject TO loyy and sal,
under execution against them.
The arguments were clahorat,
and forciblc on both sides, and
have given them :,luc consideration
and thoroughly Investigated the an.
thoritics cited by counsel, as well a.
such others, rs | could reach. A.
the result Of such consideration and
investigation, ! have concluded that
the question as to The legality of the
mortgage is settled, not only by
Mitchell vs.. Winslow, ID Story Re.
ports $50, Peunaek VS.. Coc, % How.
ard l27, and Rcnfeld on RAILWAYS
5lS to 500 and notes, but also, by the
very act of the Legislature of Mis-.
slssppi under which it was done and
bywhich twas authorized. II, how
Ger, it were unsupported by such
an array OF authorities, It has been 50
long and so universally a custom
with railroads aud other incorpora-
ted companies, as'to be almost tanta-
mount to the common law. The
same authorities settle the point that
'attcr acquired property may be
embraced in such mortgages.
These points are not more clearly
settled by law and equity than by
that Public Policy, which defendant
seems to think they violate. A raj
road is projected; the money in the
immediate vicinity of the proposed
way or rjute is insufficient or be.
comes exhausted, while very largo
proportion of the population of the
country are deeply interested in, and
anxious for its completiOm This can
only be done upon the negotiation
of a loan, and this can only be donC
upon amortgageto secure the money
lenders.
The mortgage IS executed, the
money! borrowed, the work progress
ses, and great public highway is
opened up for the public accomoda-
tion and convenience, such as it is
the policy of an enlightened people
to encourage aud foster, while at the
same time its condition it published
to the world and no deception can bc
practlced upon its patrons or any.
body else. 1t Is unreasonable to sup
pose that a railroad company would
wilfully destroy property entrusted
to it for transportation, or sport with
human life within its keeping, when
the care and preservation of both
would enhance Its profits, while the
loss or destruction of either could
yield no possible benefit, and rouid
result in future as well as prcseat in
jury to the company. / am clearly
satisfied that the mortgagesarc valid,
Nor have ! any doubts as ID the right
and duty Of the Trustees 70 interfere
as they have done.
They had formally accepted the
trust and thereby assumed q position
Of responsibility which made it OBJ
ligatory upon them 70 project as far
as they could the Interests of the
ccstay qae tr,sst, as well as the trustors
or mortgagors.
/ come now to consider the third
and last point raised by the dcfen-
dant, to-wit /; The legal right to
the property being in the railroad
(the mortgagors) is subject
to levy and sale under the Judgment
against them. The State of Missis-
sipri subjects all property held IN
trust, tothe debts Of the ccst,y que
trusts, and enact that it "may be sold
under execution at law 50 as to pass
whatever interest the cestny que trusts
may have" 1t then goes on to say
tha.abcfore q sale under mortgage
or deed Of trust, the mortgagor or
grantor shall be deemed the owner
Of the legal title of such property"
ETC., "cxcept as against the motga-
gee and the assigns or the trustee,
after breach! Of the obligation ofsuch
mortgage or deed Of trust"
There can be no doubt that as
general rule all property, in which
the Judgment debtor owns the legal
title, is liable to levy and sale under
execution against him at law, and