Affirming.
On February 2, 1920, Mrs. Valeria Yeiser, a widow, executed her promissory note to Miss Era Taylor for $3000 payable 12 months after date. She secured it by mortgaging a farm of 217 acres located in Ohio County, which had been devised to her by her husband. The note was credited by various sums paid by Mrs. Yeiser before her death on December 20, 1923, which about took care of the interest.
Mrs. Yeiser died intestate survived by three children; a daughter and the appellant here, Miss Susan Yeiser, and two sons. On January 14, 1924, the two sons conveyed their interest in the farm to their sister, the deed reciting that she assumed the payment of the $3000 mortgage. The note was credited by $211.80 paid by Miss Susan on February 2, 1924, and the next payment was made by her a little more than ten years later when on May 21, 1934, she paid $50. From that date through March 6, 1941, she made various small payments in each year, except 1937, 1938 and 1939, which did not keep up the interest. After her mother's death all credits on the note were paid by Miss Susan.
On March 27, 1943, Miss Taylor assigned the note to O.B. Webb in consideration of $2500. He brought this action on April 21, 1943, against Miss Susan to foreclose the mortgage. In her answer as thrice amended Miss Susan pleaded the 5 year statute (KRS
There is practically no controversy as to the facts in the record submitted to the chancellor who held that the payments by Miss Susan upon the note executed by her mother tolled the 15 year statute of limitation (KRS
Appellant insists that as the mortgage was but incident to the note and as the 5 year statute barred its collection from her, it follows that the mortgage died with the note. It is true that when a note is barred by limitation the lien securing it is likewise barred. McCracken County v. Mercantile Trust Co.,
To answer the argument that Miss Susan by assuming this indebtedness became a surety and any payments made by her did not toll the statute as to the principal, it is only necessary to say that in assuming the payment of this debt she became a principal along with the mortgagor. 19 Rawle C. L. sec. 145, p. 374; White v. Upton,
It is provided in KRS
The petition alleged that Miss Susan and her two brothers inherited this land from their mother, the mortgagor, and that the brothers conveyed their interest to Miss Susan in consideration of her assuming the payment of the mortgage indebtedness and that the plaintiff should be adjudged a lien and that the same should be foreclosed. The 7 year statute was not pleaded as a bar to the petition. In view of KRS
The judgment is affirmed.
