MURRAY v. PAYNE

No. 54393.

437 So.2d 47 (1983)

Charles Larry MURRAY v. Cecil H. PAYNE and James M. Flanagan.

Supreme Court of Mississippi.

September 7, 1983.


Attorney(s) appearing for the Case

Conrad Mord, Breed O. Mounger, Jr., Tylertown, for appellant.

J. Hal Ross, Brandon, Joseph M. Stinson, Tylertown, for appellee.

Before WALKER, P.J., and HAWKINS and ROBERTSON, JJ.


ROBERTSON, Justice, for the Court:

I.

This case presents questions respecting the duties of guarantors who pay the maker's secured note and pending disposition of the collateral use it to make a profit. The guarantors, statutory subrogees by virtue of their having honored their guaranty obligations in favor of the secured party bank, liquidated the collateral and have here sued the maker for a deficiency judgment. The maker claims setoff for profits earned...

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