Ed Jacobsen, Jr., Inc. v. Chapline

Property of the appellant, Ed Jacobsen, Jr., Inc. (Jacobsen), encumbered by a mortgage from Robert W. Russell, his wife Margaret T. Russell, and Jacobsen to the appellees Clara K. Chapline, Howard H. Kelly and his wife Mary C. Kelly, securing a note to them in the amount of $123,000.00 was purchased by the appellees at foreclosure sale for $60,000.00 after default had occurred under the terms of the mortgage. The appellees had previously sold the property to the appellant and the Russells in 1964 for $150,000.00. On February 19, 1968, the Circuit Court for Frederick County ordered the final…