The clarion. [volume] (Jackson, Miss.) 1883-1888, 1886-12-29

ko Star.
EDITOR OF THE STAR-Since the repea
of Section 1859 of the Code of 1880, whicl
authorized the giving of mortgages on al
agricultural products to be grown within
fifteen months after the mortgage was Civ
en-, there is some diversity of opinion as t.
the rule of the common law on kindred
subjects. All property, real or personal
corporeal or incorporeal, movable or i'm
movable, that is capable of an absolut,
sale, may be the subject of mortgage al
common law, provided IL belongs to thu
| mortgagor at the time.
There is great conflict, but the weight
of common law authority holds, that re
| versions, remainders, rents, franchises
choses-in-action and mere possibilities
coupled with an interest, can be mortgaged
A naked expectancy, like that of an
heir, flowing stream of water, which
may traverse ones farm and right OF
presumption and Improvements on public
| domain are examples of what can not be
| mortgaged.
Where an actual interest or ownership
In the subject, being present existing
property, whether limited or absolute, fur
nishing the foundation for the contract out
of which the future acquisition is the pro-
duct, then such contingent interests, such
as crops to be grown may be mortgaged.
the lien attaching as soon az the thing
comes into existence. Hence the owners
of land may mortgage their crops SO be
grown" long before they are planted, and
the moment they grow into physical ex-
lstence, the lien In them attaches, and this
acquisition of property and the attaching
OF the mortgage lien are contemporaneous.
Il L
to grow. Persons who have leased or
rented tract of land for only one year.
may execute valid equitable mortgage
on their crops to be grown thereon, even
before they are planted. The Law Books
the common law mortgage.
The owner of sheep may mortgage the
wool to be grown thereon, or the annual
interest on his money, or the milk of the
COW Tor the next year, and there may be
valid mortgage of the fruit the orchard is
expected to produce, and the future accre-
lions and rent OF property and the young
of animals.
A ship owner may pledge and hypothe-
cate for advances the oil and head matter |
to be taken in a whaling voyage. The |
profits of the public mill or gin, and the |
pikeage OF toll turnpike or bridge may |
be mortgaged, and hence any owner of |
land, whether in fee, fer life, for years. or |
Tor any leasehold interest not less than |
0ne year, can mortgage the rents, profits |
and crops growing out of said land, but |
he mortgage of contingencies and ex-
1ectanees as on a crop to be grown accom-
panied by ownership of the land, Is void |
It law, and only operative in equity. In
he mortgage OF crop in this class of
asses, before it has tangible and physical
Existence, the instrument of mortgage is
Incapable of comforting legal title to the
rop or other thing on the mortgage or
rustee, so as to authorize power OF sale.
q default of payment, as Is the usual rule. |
nd the legal title or ownership still re-
1ains in the debtor or mortgagor, there ,
My being an equitable lien on the crop
r thing, capable of being enforced in !
curt of equity.
Where there ls a mortgage of future &C.
uisitions under the common law, no legal !,
Tie passes to the mortgage or to his frus- :.
,e for his benefit. andsto enforce the lien. Z
hen there has been default, resort must
: had to the courts of equity, whose juris- G
Iction Is ample to protect the rights of :
9TH creditors and debtors, and to prevent
moval, eoncealment, or conversion, as C
ell as to prevent a sacrifice of the mort o
lge property, BY being sold at an made n
late price. IL
The owners of land can only give equit- Y
lie mortgages on crops, etc., to be grown r
future, yet 30 soon as they have ply .
al existence, they are eubject to legal
ortgage, wherein there is conveyed the
gal title which vests absolutely in default 4,
payment, as provided by the terms of =
2 mortgage. e
Hence the wiser course is to wait until 70
) crop Is up and growing, and take the NJ
al mortgage All laborers, employees ~
all persons contributing their industry an
the production of agricultural products, th
L be unable to mortgage their crops, or TO
crest in the same, until they have come Pt
out of the soil and are growing, for the to
son they do not own the land either in
or the control of it for the year, dur str
the time to make their CROP The re-,
Il effect of the repeal Of the lien Law.
9 prevent all persons having no Interest 4
and, from mortgaging their crops be- -.
] they begin 10 grow, and to restrict the -
lers Of the soil, whether in fee, or for IN y
I year - lessee or tenant to the exc - -