Federal Deposit Insurance Corp. v. Texas Electric Service Co.

OPINION

WOODARD, Justice.

This is an appeal from an award of $105,-000.00 as compensation for 6.54 acres of a 120.8 acre tract of land which were taken under eminent domain. The entire amount was decreed to belong to the first lien holding mortgagee of the 120.8 acre tract, to the exclusion of the junior mortgagee. We affirm.

In October, 1981, the tract in question was sold to Milton L. Nickel and Henry Baumgartner by N.J. and Jo Nell Bell for $393,568.00. Of that amount, $236,434.00 was represented by a promissory note payable in annual installments of $31,653.50, including interest at 12%…