Sanders v. Peoples Bank and Trust Co.

R.R. Sanders appeals from a summary judgment in favor of Peoples Bank and Trust Company ("Peoples Bank") on Sanders's third-party complaint against Peoples Bank. We affirm.

On January 11, 1966, Norman Wayne Kramer and Inez M. Kramer purchased from Sanders "[t]he W½ of Lot 4 in Block 1 and improvements thereon in Houston Heights" (hereinafter referred to as "the subject property") and they executed a mortgage to Sanders to secure a note for $24,000 ("the mortgage"). The debt secured by the mortgage was

"[p]ayable in equal and consecutive monthly installments of $200.00 each, with the said…