New York Life Ins. Co. v. Bank of Commerce & Trust Co.

A certain mortgage held by the insurance company on real estate in Memphis having been foreclosed and the property bought in by the insurance company for its debt, a sale was negotiated for the insurance company to a Mrs: Taylor and other parties, by the Turley Mortgage Company, an agency which had represented the' insurance company in Memphis for some sixteen years, and had made the above mortgage loan originally. The total consideration approved by the insurance company was $12,500, of which $2,064.40 was to be the cash payment; lien notes being executed for deferred payments. Certain…