Read Phosphate Co. v. Brooks

The undisputed evidence showed that Askew sold to Reeves the two mules in dispute, taking from Reeves a mortgage on the property to secure the purchase-price of $550, which was duly recorded; that Reeves kept the mules two years without paying anything whatever upon the purchase-price; that at the expira*357tion of this period Askew, by agreement with Reeves, and without knowledge that Reeves had, while in possession of the property, given a mortgage thereon to Read Phosphate Company, accepted the mules back at an agreed valuation of $450, as part satisfaction of the purchase-money mortgage, and,…