Guardian Depositors Corp. v. Brown

In 1929, Simeon G. Trevethan and wife executed a first mortgage of which plaintiff subsequently became the owner by a series of mesne assignments. In the same year (1931) the mortgagors conveyed the mortgaged property to defendants Roy E. Brown and Lillian K. Brown. The warranty deed provided that it was “subject to a mortgage in the sum of $2,640 being principal and interest due to date on said mortgage, which second parties (defendants) assume and agree to pay.” Pursuant to this contract of assumption, defendants made some payments on the property to the mortgagee. However, it appears from…