Maricopa County v. Equitable Life Assurance Society of the United States

The question involved in this case is whether a personal property tax lien accruing after a mortgage lien has attached to realty is, under the statutes, prior and superior to mortgage lien. It arises out of the following state of facts:

On January 28, 1927, McArthur Brothers’ Mercantile Company, owners of lot 47, Country Club Place in Maricopa county, executed a mortgage thereon to secure its note for $5,000, payable five years from date, to Dwight B. Heard Investment Company. On February 24, 1927, the payee sold and assigned note and mortgage to plaintiff, the Equitable Life Assurance Society…