Pioneer Building & Loan Ass'n v. Compton

ALEXANDER, Justice.

In 1929, W. C. Compton borrowed from ■the Pioneer Building & Loan Association -the sum of $7,500, to be repaid in monthly installments, and secured the payment of same by deed of trust on a residence and a business house in the city of Waco. Compton failed to meet his payments and in February, 1932, he assigned to the Loan Company all rents to become due on the property and authorized the Loan Company to collect and apply such rents on the indebtedness. In March of the same year he executed a chattel mortgage to the Loan Company on certain household and business fixtures…