Page:Federal Reporter, 1st Series, Volume 3.djvu/690

 SlEVENa f. L. & H. B. CO. 683 �Btate< It is songht to raise a trust out of the language of the act, and the prinoiple is invoked applicable to a security given by a debtor to his surety conditioned that it shall be void if the mortgagor pays the debt on which the mortgagee is surety, viz. : that in such case the mortgage will be held both as an indemnity to the surety and as a security for the debt ; the surety being regarded in equity as trustee for the benefit of the crediter, and as having no right to discharge or defeat the trust, unlesB it be to a purchaser for a valuable considera- tion, without notice. The rule is not questioned. But it is not conceived that this rule -would control the express terms of a mortgage or other instrument of security, nor renderwhoUy nugatory the effect of an express reservation of a right of dis- position of the mortgaged property by the mortgagee, as is provided in the statute under consideration. �It is not within the province of equity to import conditions into the mortgage. The conditions of this statutory lien were that the company &hould deposit the interest money and exchange with the state's fiscal agent, or fumish evidence of prior payment, and should also pay into the treasury the means of providing a sinking fund for the ultimate payment of the bonds. This dealing was to be with the state, — as to the payment of the principal it must have been ; as to the pay- ment of interest it was optional with the company, — and there being no express covenant by the company, a complianca with the conditions named in the mortgage would discharge the lien. �We do not overlook a claim made by one of complainants' counsel that the intention of the legislature is to be ascer- tained by the language of the statute declaring the lien, but we think the statute must be construed together, and that the requirements put upon the mortgagor — the conditions of his mortgage, when read in connection with the declaration, many times repeated in the statute, that the lien is the lien of the state — should have great weight in determining the legis- lative intention. The meaning of the legislation is to be de- clared from the words and subject-matter of the statute. It is the scope and meaning of the whole enactment, rafcher than ����