Word v. Smith

JONES, Justice.

Appellant Theo Word appeals from a final judgment of the trial court denying injunctive relief and holding him liable under the terms and conditions of a delinquent mortgage indebtedness. We affirm.

The sole issue presented is whether a mortgage made to a party other than the one actually advancing the money secured by the mortgage is valid. We hold, under the evidence of record in this case, that it is.

Appellee Virgil Smith is President and majority stockholder of American Aid Life Insurance Company. Pursuant to a contract with his company, Smith, in March of 1979, loaned Mr.…