Supreme Court of Alabama November 15, 1892 (New England Mortgage Security Co. v. Hirsch Bros.)

MoCLELLAN, J.

While it is the law that the mere taking of a new note and mortgage, the debt evidenced by the former and the property embraced in the latter being the same, will not discharge or displace the lien of an existing mortgage, it is equally well settled law that where the new transaction involves the payment and satisfaction of the *234first mortgage, the mortgagee’s rights are