Johnson v. Florida Bank at Orlando

THOMAS, J.:

In order to finance the construction of a building until such'time as a loan from a federal savings and loan association, approved by the Federal Housing Administration, could be consummated the owners executed to a bank a mortgage to secure a promissory note for $6750, payable on demand. The mortgage contained a provision that it was “executed for the purpose of securing the payment of loans made and from time to time to be made . . . the aggregate amount of which shall at no time exceed” the amount shown in the note. (We have furnished the emphasis.)

The instrument was filed for…