Champs-Elysses, Inc. v. Fulton Federal Savings & Loan Ass'n

Clarke, Justice.

In 1959, the land which is the subject matter of these appeals was owned by Mitchell Melof (a/k/a Don Mitchell). In that year, he obtained a loan from Fulton Federal Savings and Loan Association in the amount of $28,000. This loan was evidenced by a promissory note and secured by a security deed on the subject real estate, both of which documents were executed by Melof. In 1963, Melof conveyed the land to his wife, Louise, and she then conveyed the rear portion of the land to a third party in 1972. Six months later, she executed a security deed to Stanley Nylen which secured a…