Gladstone Hotel, Inc. v. Smith

Three appeals are now here as an aftermath of previous litigation growing out of a purchase of the Gladstone Hotel property from transferees of the Smiths by the Johnsons; the subsequent default of the Johnsons; the resulting foreclosure of a second mortgage held by the Smiths on the property, subject to a first mortgage originally held by Massachusetts Mutual Life Insurance Corporation and after commencement of the proceedings assigned to the Wyoming National Bank of Casper; and the appointment of a receiver. The circumstances can best be understood by reference to the decision of this court…