New York Life Insurance v. Clay County

The New York Life Insurance Company in 1922 purchased a mortgage on real estate located in Clay county, owned by one Roberts; the mortgage and assignment being duly recorded at the time of the purchase and standing of record as a first lien on the premises. There being default in the payment of the mortgage, it was foreclosed in 1932, and the property was sold at execution sale for $840.27 less than the amount of the company’s claim, leaving the deficiency unsatisfied. After receiving title through sheriff’s deed, the insurance company discovered that there was an open gravel pit on the farm…