Neal v. New Orleans Ass'n

The object of this bill is to cancel a mortgage executed to a building and loan association upon the ground that the debt secured has been paid.

It appears from the proof in the record that on September 12, 1891, complainant borrowed of the New Orleans Loan, Building & Sayings Association, a corporation having its domicile in the State of Louisiana, the sum of $500, and, to secure its payment, executed a mortgage on a certain lot in the city of Memphis. The consideration recited in the mortgage was $776.50, but complainant only received $500, the additional $276.50 representing the premium,…