Stroupe v. Beasley

This appeal is from a judgment in favor of J.E. Beasley, Jr., and Security Trust and Factors Corporation. The trial court, in this nonjury case, held that a resulting trust or a trust in the nature of an equitable mortgage was not established by virtue of the oral agreement between Beasley and J. Burton Stroupe.

On February 18, 1970, Beasley, acting as Security Trust and Factors Corporation ("Security Trust"), purchased two properties at a foreclosure sale. The first property was known as the "Fairgrounds" property and the second as the "Highway 72" property. These properties had previously…