Ferguson Seed Farms, Inc. v. McMillan

On the 2d day of September, 1924, J. E. McMillan, joined by his wife, executed a- deed to certain gin property located in Grayson county, Texas, to Ferguson Seed Farms, Inc., a corporation, for a consideration of $25,000, evidenced by 5 notes, of the sum of $5,000 each, secured by a vendor’s lien on said land and by deed of trust with power of sale. On October 7, 1924, McMillan filed suit to cancel said deed on the ground of alleged insanity at the time of its execution. Ferguson Seed Farms, Inc., in the meantime, had executed a deed of trust on this land, with other properties owned by the…