Security Life & Trust Co. v. Smith

Candler, Justice.

James C. Smith borrowed $3,600 from Ross-ville Federal Savings & Loan Association on July 29, 1959, and as security for repayment of such loan he conveyed to the lender certain realty in Walker County. His deed contained a power of sale which authorized the grantee or its assigns to sell the land at public sale if the debt it secured was not paid according to the terms of the loan note. Simultaneously with the loan transaction, Smith purchased from Security Life & Trust Company a life insurance policy in the amount of $3,600' and paid the premium charged therefor. The policy…