Housing Mortgage Corp. v. Allied Construction, Inc.

Opinion by

Mr. Chief Justice Horace Stern,

The soie question involved in this litigation concerns the. relative priority of the liens of a purchase money mortgage and a, “construction”,-or advance-money, mortgage... • ' • •■•••• M • ... ■ • *: v,

James B. Clark was--the owner-' of a tract of land -in Beaver County in which he had laid 'out a plan of lots. On March 15, 1947, he/and his wife agreed to sell 34 of these lots to Allied Communities, Inc., for the sum of $23,800, which.was to,,be paid by the execution.,of a purchase money mortgage in that amount, payable in one year thereafter, with 5%…