Court Opinion

ID: 9585739
Source: CourtListenerOpinion
Date Created: 2023-08-21 23:03:27.923843+00
Date Added: 2024-06-11T17:23:47.109534
License: Public Domain

On Motion for Rehearing.
First National urges us to reconsider the case of Wilder v. Federal Land Bank of Columbia, 185 Ga. 837 (196 SE 708) (1924) on the issue of whether the prepayments made on the loan relieved Appalachian of its duty to meet the December installment payment. In *636Wilder a mortgage creditor applied certain fire insurance proceeds to the principal amount of the indebtedness as authorized under the terms of a written assignment executed by the debtor. The borrower was notified of the application and did not object. She made one subsequent installment payment and then became delinquent in payments of installments, taxes, and insurance. The lender attempted to foreclose under power of sale, and the borrower sought to enjoin the foreclosure by interposing a judgment setting apart the property as a year’s support, which she had obtained in the meantime from the court of ordinary. The Supreme Court held: "In these circumstances the borrower will be deemed to have assented to application of the fund to principal, and can not complain thereof in law or equity after the fund has been so applied.” Wilder v. Federal Land Bank of Columbia, supra, p. 839.
In this case, there are no circumstances indicating any agreement or assent by the debtor that the prepayments be applied solely to principal. Therefore, we have not deemed Wilder to be controlling on the issue.

Motion for rehearing denied.