75 Ala. 236 | Ala. | 1883
In this State the law is settled, that a.mortgage in fee, as appears to be the mortgage executed by the lessor, Martin, to the defendants, Timberlake, Coffey and Helton, operates as a present, immediate conveyance and transfer of all the right, title, interest and estate of the mortgagor in and to the premises mortgaged. If there is not a reservation to the mortgagor, in the conveyance, of possession, or of the right to take and enjoy the rents and profits, until default in the performance of the condition (and of the existence of such reservation there is no averment in the bill), the mortgagee has the present, immediate right of entry and possession, and may, at will, eject the mortgagor, or tenants entering under him subsequent to the mortgage.—Duval v. McLoskey, 1 Ala. 737 ; Welsh v. Phillips, 54 Ala. 309.
The mortgage operating as. an immediate transfer and conveyance of all the estate of the mortgagor, though its purpose was the security of debts falling due at a future day, included a present right of entry and possession, in the absence of a stipulation that the mortgagor should remain in possession, or should enjoy the rents and profits, until condition broken, and carried with it, necessarily, the rents subsequently accruing. The assignment of the rent to the complainant, subsequent in point of time to the mortgage, was subordinate to, and can not prevail against the prior grant of the reversion.—Kimball v. Pike, supra ; Otis v. McMillan, 70 Ala. 46. The mortgage was a conveyance of, and binding upon the whole realty, of which the rent accuring was a part. It was optional with the mortgagees whether they would take such rent or not; as it is always matter of election with a mortgagee whether he will