The Montgomery advertiser., 1903-02-28
HEAD NOTES OF THE DECISIONS
 OF THE ALABAMA SUPREME COURT

p.ainant furnished moacy wherewith an outstanding mcumDrance was discharg- ed from certain property, which was then l included in a mortgage to third person, the amount so furnished by complainant being, by agreement of parties. included in the debt secured by the mortgage. The mortgag gee thereupon transferred to com plainant, without recourse, notes men tioned in and secured by the mortgage. equal in amount to the sum so furnished by complainant, stipulating in the trans fer that these notes were not to be paid until the mortgagee had collected the amount due him under the mortgage. Held, that although the mortgagee by taking the property under his mortgage did not become bound as a trustee to account to complainant for its specific proceeds, complainant as owner of the notes shared the security of the mort gage, for the enforcement of which she had remedy by bill in equity against the mortgagee.
 2. Same; priorities; estoppel.--Where a mortgagee transferred a part of mort gage debt, without recourse, stipulating that the note transferred was not to be paid until that part of the mortgage debt due the mortgagee was collected, the Aaioi eboeOC hoS piClSIeHCc ONcE tut traGsferee in collecting from the property to the extent of his uebt. and by assent ing 10 and claiming under the mortgage the transferee :s cstopped to impeach the mortgagee's debt.
 3. Assignment of part of mortgage debt; effect of.-An assignment of part of mortgage debt IS an assignment pro tanto of the mortgage security, and the assignee may maintain bill to fore
 4. Same; priorities. Ordinarily. where the terms of transfer of part of a mort gage debt are silent as to priority, the transferee's debt is given preference as claim on the property over that re. tained blythe mortgag gee but by stipulat- ing therefor the transferree may be post. | poned to the mortgagee.
 ). Mortgasee, duty of to holder of part of debt secured by mortgage-A mortga- gee, who has transferred part of the mortgage debt with the stipulation that his part of the debt is to be paid first though not liable as a trustee except as to collections in excess of his debt. Is bound to act towards such transferee in good faith, and to use care to preven, aestruction and spoliation of the property G. Mortgagees liability to owner of part of mortgaged property for spoIia- tlon ot property and for negligence accounting between the owner of part of mortgage debt and the mortgagee, loss1 es occurring from destruction or spolia- ton Of the property through gross negli- gence or willful neglect of the mortRasee go in reduction of his debt
 l. blii, when not -multifarious; account ins between senior and junior mortga- gees-The transferee of a part of an in- deotedness secured by first mortgage. be- Ing entitled to an accounting with the mortsagee in equity and to have the moftgasa forec,osed, may by the same Dill seek the enforcement of his enti, ,e cla!m against the mortgaged property. including that accruing to nim as owner or Junior mortgage
 b. Accounting between mortgagees: du- ty Of first mortgagee to care for mort gagged property.-ro a Subsequent enctIm- bfancer of whom he has no notice. A fhortgagee ewes no duty in respect of caring for the mortgaged property, and Saeh subsequent encumbrancer is not entitled to have the remaining rnortyagal property or Its proceeds subjected to h,s mortgage until the debt of the first mort gage has been actually paid.
 Modified and affirmed.
 Opinion by Sharpe J.