Equitable Life Assurance Society v. Boothe

This appeal is from a decree foreclosing a mortgage on real property belonging to the defendants, who are subsequent purchasers thereof. The mortgage was executed on February 1, 1929, by defendants’ grantors, Leon N. Lefebvre and wife, to secure the payment to Strong and MaeNaughton Trust Company of a promissory note of even date therewith for the sum of $5,000, with interest thereon at the rate of six per cent per. annum, and payable in installments of $150 each, on February first, and August first of each year, the last payment becoming due on August 1,1938.

In and by its terms, the mortgage…