Wayman v. North Kentucky Fair

Opinion op the Court by

Morris, Commissioner—

Affirming.

In July 1935 tke Realty Corporation of Corinth., Kentucky, bought from North Kentucky Fair a tract of 15 acres in the town of Florence, for $15,000, one-third in cash, the balance evidenced by two notes of $5,000 each, with lien to secure payment. The Realty Company thereafter divided the tract into 131 town lots.

On October 14, 1935, Realty sold to Lincoln Realty Company 23 lots, retaining lien to secure the payment of a $1,600 note. The Lincoln sold these lots subject to Realty’s $1,600 lien. On October 17, 1935, Realty mortgaged 4 lots…