THE SOUTHERN LAW REVIEW. PUBLISHED BI-MONTHLY. NEW SERIES-VOLUME VIII. ST. LOUIS: Entered according to Act of Congress, in the year 1883, by REVIEW PUBLISHING CO., In the office of the Librarian of Congress, at Washington. LIBRARY OF THE LELAND STAUFORD, JR., UNIVERSITY LAW BEPARTMENT. St. Louis, Mo.: SOUTHERN LAW REVIEW VOL. VIII., N. S.] ST. LOUIS, APRIL, 1882. [NUMBER I. THE RIGHTS OF BONA FIDE PURCHASERS OF UNDER-DUE NEGOTIABLE PAPER SECURED BY MORTGAGE The question, to what extent and under what circumstances the bona fide purchaser of negotiable commercial paper secured by mortgage is entitled to the benefits of the mortgage security, unaffected by equities existing as between. the original parties, is one of great and growing importance. It is now well settled that the mortgage is only an incident to the debt, and passes with it to the assignee. No formal assignment of the mortgage is necessary. The debt is the principal thing, and the mortgage an accessory, so that the assignment of the debt passes all the mortgagee's interest in the mortgaged property, whether the assignment be before or after the forfeiture.' Where there is no question as to the validity or construction of the mortgage, or as to the title of the mortgagor as between the original parties to the instrument, there can be none, of course, as between the mortgagor and the assignee of the secured debt. The cases of doubt and difficulty arise where, as between the original parties to the mortgage, there is a question as to its validity, or as to its force and effect, independent of any question affecting the note, or where a third party claims the mortgaged property and denies the authority of the mortgagor to fasten a lien upon it. Langdon v. Buell, 9 Wend. 80; Gould v. Marsh, 1 Hun, 566; Jones v. Hart, 3 Johns. Cas. 322; Ellett v. Butt, 1 Wood, 214; Gaff v. Harding, 48 Ill. 148; 1 Jones on Mort., sects. 813-822, and cases cited. |