Security Trust Co. v. Louisville Title Co.

Opinion of the Court by

Chief Justice Clay

Reversing.

The proper method of distributing the proceeds of a judicial sale between the owner of street improvement bonds and a subsequent mortgagee is the principal question presented for decision.

The facts are: A. D. Sisk, Jr., owns certain real estate located at the corner of Daves and East Center street in the city of Madisonville. Both streets were improved at the cost of the abutting lot owners. Sisk elected to pay on the ten-year bond plan, and signed the customary waiver. The improvement bonds issued to cover the assessments ag’ainst the Sisk…