Webb v. Southern Trust Company

Opinion op the Court by

Commissioner Hobson

Affirming.

On June 1, 1923, H. E. Webb executed to the Southern Trust Company a mortgage on his land to secure $43,000,'evidenced by notes for that amount payable ten years after date, with interest at 51/2 per cent., payable semiannually. He also executed another note for $1,200, secured by a second mortgage on the same land in the same transaction. The second note bore interest at 6 per cent. The consideration really paid Webb for these notes was in all $42,050. After the loan had run about three years, Webb was behind with the interest, and the…