Bradford v. Union Bank of Tennessee - 54 U.S. 57 (1851)
U.S. Supreme Court
Bradford v. Union Bank of Tennessee, 54 U.S. 13 How. 57 57 (1851)
Bradford v. Union Bank of Tennessee
54 U.S. (13 How.) 57
Where there was a contract for the sale of land for the purchase of which endorsed notes were given, but before the time arrived for the making of a deed, the purchaser failed, and the liability to pay the note became fixed upon the endorser, and a new contract was made between the vendor and the endorser, that, in order to protect the endorser, he should be substituted in place of the original purchaser, fresh notes being given and the time of payment extended, evidence was admissible to show that the latter contract was a substitute for the former.
A part of the land having been sold for taxes whilst the first set of notes was running to maturity, the vendee having been put into possession, and the vendor being ignorant of that fact when the contract of substitution was made, all that the endorser can claim of the vendor, is a deed for the land subject to the encumbrances arising from the tax sales. The notes given for the substituted contract must be paid.
The endorser having filed a bill for a specific performance upon the title bond, which he had received from the vendor, this Court will not content itself with dismissing his bill without prejudice, and thus give rise to further litigation, but proceed to pass a final decree, founded on the above principles.
The facts are sufficiently stated in the opinion of the Court.