Citizens & Southern National Bank v. Gilbert

Stolz, Judge.

Plaintiff Gilbert, the owner of an equity of redemption in realty under a foreclosed deed to secure debt, brought an action against the defendant bank, the grantee of an outstanding deed to secure debt (on the same realty) which is senior to the plaintiffs lien, seeking a declaratory judgment to the effect that the defendant lienholder is not entitled to include as part of the indebtedness secured by its senior deed to secure debt (which contains an "open-end” or "dragnet” clause) the indebtedness existing under the personal obligation of the grantor of said senior instrument,…