149 Ga. 20 | Ga. | 1919
J. R. Dortch owned a tract o£ land which he sold to T. L. McCurry on April 14, 1916, and executed a deed of conveyance to the same. The grantor undertook to reserve a lien or second mortgage on the land, by writing in the conveyance executed by him to McCurry the following stipulation: “The consideration of $2250.00 hereinabove recited as the consideration of this transfer is as follows: $1075.00 cash in hand paid, receipt of which is hereby acknowledged at the time of the delivery, of this deed, and one purchase-money note signed by the vendee herein, payable to the vendor herein, and due April 14, 1917, for the sum of $1175.00, bearing interest from date at the rate of 8% per annum, which said note, by express agreement of the maker of this deed, is held as a second-mortgage note subject to a certain loan which shall be a prior lien on the property conveyed herein, in the sum of $1000.00 in favor of the Georgia Savings Bank, and which said loan the vendee is expressly authorized to make as a first lien on said property herein conveyed.” The conveyance was duly recorded, and subsequently thereto the gantor executed a deed to secure a loan of $1,000.00 to the Georgia Savings Bank, thus creating the first lien upon the property as provided for in the conveyance from Dortch to McCurry in the stipulation above quoted. Thereafter, and prior to the maturity of the purchase-money note described in the conveyance from Dortch to McCurry, the latter undertook to create a mortgage lien upon the property in favor of George, the plaintiff in error. The property was afterwards sold under proceedings instituted by the bank, and the lien in favor of the bank was satisfied, leaving a balance in the hands of the sheriff;' and in proceedings duly instituted to distribute this balance between Dortch and George, the question arose as to whether or not the lien in favor of Dortch was superior to that of George. The court held that it was, and awarded the money to Dortch; and the sole question in the case is whether Dortch had, under the stipulation in the deed of conveyance to McCurry, a prior lien to the mortgage lien of McCurry.
The court properly awarded the money to the claim of Dortch. The reservation in the deed which the latter executed to McCurry was sufficient to give him a valid subsisting lien against any subse
Judgment affirmed.