Riggs National Bank of Washington v. Wines

WILNER, Judge.

On or about October 8, 1976, Juliet D. Wines and Louise P. Lake sold a certain tract of land in Montgomery County to The Greenberg Company. Part of the purchase price— $55,000 — was to be paid over a five-year period, that obligation being evidenced by a promissory note and secured by a purchase money deed of trust on the property.

The deed of trust, dated October 8, 1976, recites the debt, describes the property, and provides, in relevant part: “The lien hereof shall be subordinate to the lien of any Deed of Trust or Mortgage from a recognized lending institution, the proceeds…