Warner v. Bockstahler

— Edward L. Brackett and wife executed a first mortgage on land owned by them, and later a second mortgage to secure the payment of three notes for $500 each. The second mortgage contained the recital that it was “subject to a certain first mortgage” of $2,400. The property was purchased from the Bracketts by appellant, and the instrument of conveyance contained the statement — “this deed is subject to a mortgage of $2400 .... also to a mortgage of $1500 .... ” The agreed purchase price was $5,400, and, deducting therefrom the amount of the two mortgages, appellant paid to the vendors the sum…