Deed of trust between J. W. Caradine, his wife Celia, J. H. L. Gerdine, and Mrs L. C. Smith (Clay County Deed Record Book 8, p. 235)
The State of Mississippi
Clay County
This Indenture made and entered into this 30th day of November A D 1876, by and between J. Westly Caradine, and his wife Celia Caradine, parties of the first part, and J. H. L. Gerdine, Trustee party of the second part, and Mrs L. C. Smith wife of James. R. Smith, parties of the third part, all of the County and state above mentioned, Witnesseth, That said parties of the first part in consideration of the debt and trust hereinafter mentioned and created, and the sum of Ten dollars to them paid by said party of the second part, the receipt whereof is hereby acknowledged, do by these presents give grant bargain and sell unto said party of the second party the following described real and personal property, situate lying and being in said Clay County State of Mississippi, to wit: the South West 1/4 (SW 1/4) of NW 1/4 of section Eight (8) Township 17 Range 5 East and North East 1/4 of NW 1/4 Section 8 Township 17 Range 5 East, containing in all (80) Eighty acres more or less; and 1 mule, a bay mare mule, about 4 years old, called Kit. The land being the same this day conveyed by Mrs L. C. Smith and her husband, James. R. Smith to said J. Westley Caradine, and for which the indebtedness hereinafter expressed is the consideration & purchase money – To Have and to hold the same with the appurtenances to the party of the second part and to his successor or successors in this trust, and to him and his heirs and assigns forever – In trust however for the following purposes, and none other, to-wit: Whereas the said J. Westley. Caradine has this day made executed and delivered to the said Mrs L. C. Smith his five (5) several promissory notes of even date herewith, to-wit: one (1) note, for Six (6) Bales of Cotton, due on or before Decr 1st AD 1877; One note, for Six (6) Bales of Cotton, due on or before Decr 1st AD 1878, One note, for Six (6) Bales of Cotton, due on before Decr 1st AD 1879, one note for Five (5) Bales of Cotton, due on or before Decr 1st AD 1880; and one note for two (2) Bales of Cotton due on or before Decr 1st AD 1881, by which, said first party promises to pay to said Mrs L. C. Smith, or order for value received the said several sums of Cotton, as said several notes fall due respectively as aforesaid, making a total sum of Twenty five (25) Bales of Cotton of 500 lbs each. Now therefore if the said first parties, or anyone for them shall well and truly pay off and discharge the indebtedness expressed in the said several promissory notes, and every part thereof, when the same becomes due and payable respectively, according to the tenor and effect of said several notes, then this deed shall be void, and the property before herein conveyed shall be released, at the cost of said parties of the first part, but should the said first parties fail and refuse to pay the said several promissory notes, or either of them as they fall due respectively, or should they fail or refuse to pay any part thereof, when the same or any part thereof shall become due & payable, according to the true tenor date & effect of said several notes respectively as aforesaid then the whole of said indebtedness, and each and all of said notes, shall then and there become due & payable, and this deed shall remain in full force & virtue; provided, that if said first parties pay the amount past due, according to the tenor & effect of said several notes, before the day of sale of said property, then the balance shall not be treated as due, until the same falls due according to the tenor & effect of said several payments, and the same proviso shall be applied to each several payment, until the whole contract is settled and in case of default by said first party, said second party, or his successor or successors in this trust, at the request of said party of the third part or her legal representatives, or the legal holders of said notes, or so much or any part thereof as may remain unpaid, may proceed to sell the property before hereinafter described, or any part thereof at public auction, to the highest bidder for cash, in front of the Court House door of said County of Clay, after giving thirty (30) days notice of the time terms and place of sale of the property to be sold, by posting written advertisements of the same in three public places in said County, one to be the Court house front, and upon such sale, said trustee shall execute & deliver a deed or deeds to the purchaser as binding as if made by the first parties herein, and such trustee shall out of the proceeds of said sale first pay the costs & expenses of executing this trust, including commissions at 10% to the trustee for his services, and next apply the proceeds remaining over to the payment of said indebtedness, at the then market value of Low middling Cotton, which it is agreed the cotton herein & in the notes mentioned shall classify, and the remainder if any, shall be paid to said first party or his legal representatives – And it is agreed by the parties hereunto that if said J H L Gerdine shall from any cause or reason or desire fail to execute this trust, then said L. C. Smith, her heirs, or legal representatives or the legal representatives of said notes or any of them, may appoint a successor or successors, whose doing & actings in the premises shall be as lawful, and binding as if done by the said J. H. L. Gerdine Trustee herein –
In Testimony whereof witness the hands & seals of said first parties this day and year first above mentioned
J. W. Caradine
Celia Caradine (X her mark)