J. A. ANDERSON, Adm'r. v. J. J. AMMONETT et al.

1. LEASE. Lien for improvements passes to assignee. A stipulation in a lease for the valuation, at the end of the term, of any improvements made by the lessee, and for a lien on the improvements for the amount of the valuation, if not paid by the lessor, shall pass to an assignee of the lease.

2. CHANCERY PLEADINGS AND PRACTICE. Infant. Bona fide purchaser. A decree of a court of chancery confirming a lease of an infant's realty is so far binding on the infant, that he cannot, by a bill of review, an original bill or other proceeding, impeach it to the prejudice of a bona fide purchaser for value, of the leasehold interest, before suit brought

3. SAME. Equities. Prior and junior. Assignee. The rule in this State, except when changed by statute, or in deference to statutory policy is, that a prior equity will prevail over a junior equity and the legal title with notice, or over the legal title of a volunteer with or without notice, and a purchaser in satisfaction of a pre-existing debt, and an assignee in trust to secure such a debt have always been treated, under the rule, as volunteers.

1-VOL. 9.

Anderson, Adm'r. . Ammonett.

4. LEASE. Assignment. Infant. Equities. The equity, therefore, of an infant growing out of the fraud of the lessee in procuring a lease and a decree of court sanctioning the lease, is superior to the rights of a beneficiary under an assignment of the lease and leasehold interests to secure a pre-existing debt.

FROM SHELBY.

Appeal from the Chancery Court at Memphis. W. W. McDowELL, Ch.

ants.

CALVIN VANCE and R. J. MORGAN for complian

HUMES & POSTON, JARNAGIN & FRAYSER and BIGELOW & HILL for defendants.

COOPER, J., delivered the opinion of the court.

On the 1st of January, 1857, Martha P. Talbot, the guardian of her infant children, Mary H. and Delia W. Talbot, undertook to lease to J. M. Provine and E. P. Stewart, certain lots in the city of Memphis, owned by her children in severalty. Two separate instruments were drawn up and executed by the parties, one covering the lots of Mary, and the other the lots of Delia. They were substantially alike, except that the term of the lease of the land of the first named daughter was eleven years, and the term of the other lease thirteen years. The lessees agreed, on their part, to pay a ground rent mentioned, annually, and all taxes and public charges levied during the term. There was no stipulation on their part to

Anderson, Adm'r. r. Ammonett.

make improvements, but each lease contained the following provisions: "At the expiration of the aforesaid term, the buildings and improvements on each lot of ground are to be vaulued by two competent and disinterested men, and the valuation thereof at the time is to be allowed to the said Provine and Stewart, or their assigns, and, upon the payment of the said valuation, the said Provine and Stewart, or their assigns, are to deliver up possession of said lots and improvements. In the event that the said valuation is not paid to Provine and Stewart, or their assigns, a lien is hereby retained on said improvements for said valuation." Afterwards Provine and Stewart filed a bill in the chancery court against the guardian and wards to obtain the approval of the court to these leases. Such proceedings were had in the cause that on the 19th of January, 1859, a decree was rendered, "that the said leases be sanctioned, ratified and confirmed, and become valid and binding, as well upon the said minors and their estates as upon the complainants."

On September 1, 1859, Provine and Stewart, by deed of trust of that date, conveyed to Sylvester Bailey "the said several messuages or tenements and premises," so leased to them, "with all improvements and appurtenances, and also, all the estate, rights, titles, interest, terms of years yet to come and unexpired, property, claim and demand whatever of them the said J. M. Provine and E. P. Stewart, or either of them, of, in and to the same, or of, in and to any part or parcel of all and every of the aforesaid premises, together with the said several leases themselves." This