Booker v. First Nat. Bank

Opinion by

STEPHENSON, C. G.

W. Booker owned and occupied as a homestead 140 acres of land situated near Durant. The owner, joined by his wife, executed and delivered a real estate mortgage to secure the sum of $5,000 to the American Investment Company. Thereafter the owner, joined by his wife, sold and conveyed 80 acres thereof, subject to the mortgage, to the Durant Country Club. The latter assumed and agreed to pay the mortgage indebtedness of $5,000 to the mortgagee, in the deed of conveyance, as a part of the purchase price. The owner, pursuant to a provision of the mortgage, procured an…