Legal Opinion
Magnolia Petroleum Co. v. State Bulding & Loan Ass'n
Supreme Court of Arkansas
Decided October 30, 1939No. 4-5601Published
1Opinion of the CourtMehappy, J.
On August 15, 1928, Calvin Gribbs borrowed $11,000 from tlie State Building & Loan Association and to secure said loan executed and delivered to the appellee a mortgage on a filling station at Malvern, Arkansas. Gribbs remained in possession of the mortgaged property and received the rents and profits.
On November 1, 1933, Gibbs leased the filling station to the Magnolia Petroleum Company for a period of five years at a monthly rental of $65.
On November 16, 1933, Gibbs assigned the rental, payable under the lease, to the building and loan association for the purpose of applying the same upon…
2Cases cited3 opinions
- Schmid v. Baum's Home of Flowers, Inc.Tennessee Supreme Court · 1931
- Deming Investment Co. v. Bank of JudsoniaSupreme Court of Arkansas · 1926
- Franzen v. G. R. Kinney Co.Wisconsin Supreme Court · 1935