York v. Landis

65 N.C. 535

Opinion

Rodman, J.

When Parish, the surety for the plaintifij paid the debt to the creditor, Burwell, and took an assignment from bim, it operated to extinguish that debt at law. Sherwood v. Collier, 3 Dev. 380.

But by the payment, the surety acquired a right of action, against his principal, to the value of his payment, and upon a-familiar principle of equity, became entitled to. the benefit of the security which had been taken by the creditor from the-principal. Nelson v. Williams, 2 Dev. & Bat. Eq. 118.

This equitable right he could assign, with the benefit of the security which was incident to it, and his assignee, Mangum, acquired the same right to require a sale of the property conveyed in trust, as his assignor, or as the original creditor had.

There is no ground for the plaintiffs injunction.

Pee Curiam. Judgment affirmed.