Liberty Loan Corp. v. Mumford

Cureton, Judge:

This is an appeal from a circuit court order determining that the respondent, Liberty Loan Corporation of Darlington, S. C. (Liberty), had a first lien on property subsequently mortgaged to the appellant, Aiken-Speir, Inc. (Aiken-Speir), and permitting Liberty to foreclose its mortgage.1 We reverse.

On January 9, 1976, defendant Mumford, owners of the subject property, executed a mortgage to Aiken-Speir which was duly recorded January 15,1976, in the office of the Clerk of Court of Florence County.2

On June 25,1976, the Mumfords executed a second mortgage to Liberty which was…