Section 10-3-1. Transfer of secured note carries security

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The transfer of notes secured by a mortgage or otherwise conveys to the transferee the benefit of the security. If more than one note is secured and the mortgagee transfers some and retains others, the holder of the transferred notes has a preference over the mortgagee if the security is insufficient to pay all the notes.

Civil Code 1895, § 3684; Civil Code 1910, § 4276; Code 1933, § 14-1802.

                    
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