Haber v. Woods

Opinion op the Court by

Sims, Commissioner

— Affirming.

William Meade owned the Meade Hotel Building* located on Winchester Avenue in Ashland, Kentucky. He operated it as a hotel through the Meade Hotel Corporation, which was a closed corporation owned and controlled by him. About the time the business depression struck the nation Mr. Meade became in sore financial straits, and on April 20, 1928', he and his wife executed a mortgage on this hotel building to the Metropolitan Life Insurance Company for $115,000. By the terms of this mortgage Meade agreed to pay $2,300 semi-annually each June and…