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MOORE & McCALEB, INC. v. GAINES

No. 56084.

489 So.2d 491 (1986)

MOORE & McCALEB, INC. v. Ben M. GAINES.

Supreme Court of Mississippi.

May 21, 1986.

Attorney(s) appearing for the Case

Roy O. Parker, Mark T. Fowler, Tupelo, for appellant.

Stephen M. Corban, Mitchell, Eskridge, Voge, Clayton & Beasley, Tupelo, for appellee.

Before PATTERSON, C.J., and ROBERTSON and SULLIVAN, JJ.

ROBERTSON, Justice, for the Court:

I.

Today's outcome determinative question is, where in the case of a real estate secured transaction the debtor conveys to the secured party the debtor's interest in a leasehold estate, does that conveyance without more also vest in the secured party the debtor's rights in an option to purchase held incident to the lease. We hold that, where the granting clause in the security agreement makes no express reservation of the...

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