Peoples Bank & Trust Co. v. Chumbley

J. Davis Wooten, on July 16, 1923, conveyed his undivided- one-fourth interest in a certain tract of land located in Coffee County by mortgage deed of trust to Mrs. W. W. Chumbley, Trustee, to secure the payment to her of his note for $1703.95, of even date, due July 16, 1924. Mrs. Chumbley, on December 23, 1926, assigned this note to complainant as collateral security on a note of that .date, for $1600 executed by her husband. The $1600 note not having been paid at maturity, the complainant, on November 3, 1931, foreclosed on its collateral and became..the purchaser of the $1703.95 note, at…