GUARDIAN FEDERAL SAVINGS & LOAN ASS'N v. Suskind

KELLY, Associate Judge:

This appeal concerns the priority of a purchase-money deed of trust containing a provision that it “shall be and is subordinate to any construction loan or loans and any and all advances made under said construction loan or loans or to a permanent loan or loans made by a reputable building association or bank.” The deed of trust, recorded on March 17, 1964, was executed by A & D Investments, Inc. (hereinafter A & D) to secure $7,500 worth of promissory notes given by A & D as part of the purchase price of a certain parcel of unimproved realty conveyed to A & D by…