Bozeman v. Horton

Marshall, Justice.

In 1975, the plaintiff-appellant purchased certain improved real estate from the defendant-appellee. He executed as partial payment therefor a promissory note in the amount of $130,000, which was secured by a deed to secure debt. In January of 1977, the plaintiff executed a successor note to the previous note in the amount of $126,789.06, which was likewise secured by the security deed. Under the security deed, the plaintiff is required to "keep the property insured during the continuation of this loan and to pay the premiums of insurance when due; to pay all taxes on said…