UNION NAT. BK. OF COLUMBIA v. COOK et al

Messrs. Simpson, Cooper Babb, for appellants, cite: As to appellants being innocent purchasers for value, without notice of claim of respondent: 81 A.S.R. 588 (N. Dakota); 14 Iowa 544; 83 Am. Decisions 380; 63 A.S.R. 460 (Iowa); 28 A.S.R. (Neb.); 24 Law Ed. U.S. 706; 27 Cyc. 1431, 1429; 12 A.S. Rep. 175 (Iowa); Washburn on Real Property, vol. XI, 190; Pomenory's Eq. Jurisp., vol. II, sec. 191; 5 S.C. 342; 14 S.C. 66; 15 S.C. 171; 2 Jones on Mortgages 959; 22 S.C. 339, 346, 356, 351; Code 1912, vol. I, sec. 1322; 81 A.S.R. 593; 87 N.Y. 446; 57 A.S.R. 509; 107 U.S. 480; 27 Law Ed. 529. Plaintiff has no right to foreclose its mortgage, but at best has only a right to redeem: 27 Cyc. 1812e, 1814-14-1826-5. Plaintiff was negligent in failing to have its assignment recorded, and the parties should be left where the Court finds them. Between equal equities the law will prevail: 16 Cyc. 138. Messrs. Barron, McKay, Moffatt Frierson, and Messrs. Blackwell Sullivan, for respondent, submit: That the person, who is permitted and required to enter satisfaction upon the record of a mortgage, is one who has received full payment or satisfaction: Vol. I, Civil Code of 1912, sections 1323 and 3461. Title to property cannot be taken away by theft or fraud: 28 S.E. ___; 100 Ga. 236. Plaintiff is the lawful owner and holder of the note and mortgage of Kate E. Cook: 26 S.C. 507; 20 S.E. 63; 38 S.C. 138; 11 Rich. 567. It was not negligence for plaintiff to fail to record its assignment: 60 S.C. 216; 38 S.E. 462; 15 S.C. 171; 2 Cow. 246; 14 Am. Dec. 475; 24 Oregon 204; 33 P. 604; 89 Mo. 553; 15 W. 142; 47 Neb. 616; 66 N.W. 622; 135 Tenn. 249; 182 S.W. 326; 139 N.W. 693; 205 N.Y. 105; 119 N.W. 931; 138 Wis. 82; 84 N.E. 928; 234 Ill. 336; 13 Okla. 719; 76 P. 130; 51 Led. 192; 27 Sup. Ct. Rep. 79. The satisfaction of a mortgage upon the record by a mortgagee, after he has assigned it, does not operate to cancel the mortgage as against a subsequent incumbrancer in good faith, and for value, if the assignee is not required to record his assignment: 87 Am. St. Reports 742; 25 Wn. 67; 64 P. 932; 10 Wn. 151; 38 P. 746. Plaintiff could not be accused of negligence for not recording its assignment: 57 Kan. 744; 48 P. 19; 25 Kan. 625; 37 Am. Rep. 274. Were the defendants equally free from negligence? 57 Kan. 744; 97 Ill. 156; 12 Col. App. — 54 P. 404; 95 Ind. 521; 15 S.C. 171. Plaintiff is entitled to maintain its action for foreclosure of its mortgage: 26 Rich. 401; 37 S.C. 503; 11 Rich. 704; 12 S.C. 61; 3 Oregon 129; 24 Ohio State Reports, p. 24; 28 N.J. Equity 361; 47 Barb., p. 91.