H. Y. Tillman v. J. B. Taylor

BUFORD, J. -- H. T. Brice endorsed a note secured by a mortgage to H. Y. Tillman. Tillman held the note and mortgage as collateral security for $8,000.00. While Tillman held his note and mortgage which was executed by one Ramsey, Brice entered into negotiations with Ramsey to reconvey the land secured by the mortgage upon the return of the note and satisfaction of the mortgage and to sell and convey the land to John F. Smulski. When the negotiations between Brice, Ramsey and Smulki had reached the point where the transaction could be closed Brice made application to Tillman to surrender his interest in the note and mortgage. This Tillman agreed to do, and did do, upon Brice assigning to Tillman the funds to be derived from the sale. The assignment was as follows