Fox Brothers Hardware Co. v. Phillips

May 20, 1938, appellee, Mrs. Jessie Phillips, executed a mortgage in favor of Fox Brothers Hardware Company, mortgagee, in the amount of $987.99, on the following described lands in Ashlev county, Arkansas: Frl. NVa NW% NWy4. NE% and NTC part SEy4 NW]4, section 7, township 19 south, range 8 west, containing 135.84 acres.” This mortgage was recorded May 21, 1938. Mrs. Phillips was the wife of L. M. Phillips, the brother of Ray Phillips. These two brothers were partners in the mercantile business, were involved in debt, and the above'mortgage was executed by Mrs. Phillips as security for a debt…