Wadsworth, J.

1. This appeal arises out of a suit on a mortgage, the appellant being the third defendant who claimed priority by, reason of his having discharged a decree on an earlier mortgage. The following are the essential facts : On 26th December, 1917, the first defendant along with one Ramaswami mortgaged 10 items (of which each of the mortgagors owned five) to Janaki for Rs. 300 with interest at 11 1/2 per cent, the deed of mortgage being Ex. I. On 9th September, 1919, the first defendant charged 4 of the 5 items to which he was entitled under a security bond Ex. A in favour of the second defendant in a sum of Rs. 400. This security bond was assigned to the plaintiff under Ex. B in 1927. On 31st August, 1924, the first defendant mortgaged the four items covered by the security bond Ex. A and 14 other items not covered by either of the prior deeds to the third defendant for a sum of Rs. 800 with interest at 15 per cent. The deed, Ex. III, does not refer to the security bond Ex. A, but it recites that out of the consideration-a sum of Rs. 550 is retained with the mortgagee to discharge the decree on the first mortgage, Ex. I. A sum of Rs. 100 was retained to pay off an