International Mortgage Bank v. Whitaker

VARIAN, Commissioner.

On June 23, 1919, defendants Whitaker and wife executed their real estate mortgage to respondent bank, covering 160 acres of land, to secure their note for $15,000. The mortgage was recorded June 26, 1919. Thereafter, in the same year, Whitaker and wife conveyed 80 acres of the mortgaged tract to one E. G. Frank, who assumed and agreed to pay $7,000, with interest, of the mortgage indebtedness first mentioned.

On June 7, 1920, appellant began furnishing Frank with materials for the construction of a certain dwelling- house and a chicken-house on the tract conveyed to him.…