First National Bank v. Pounds

1. While as to lands purchased by a mother with funds belonging jointly to herself and her children, to which she took title in her own name, a resulting trust immediately arose in favor of the children, they can not assert ownership thereof as against a third person who, in ignorance and without notice of- their secret equity, and on the faith of the mother’s apparent title, makes to the mother in good faith a bona fide loan secured by. a deed to the lands so held in trust. Under such circumstances the grantee in the security deed, or one holding under him, to the extent of his interest in…