Dunaway v. Local Bldg. & Loan Ass'n

This is an action to quiet title to certain property upon which the defendant claims an interest by virtue of a mortgage thereon, the foreclosure of which defendant seeks in its cross-petition. The controversy arises from the following facts: On January 34, 1927, W. M. and Alva K. Diddle owned the property in question. They subscribed for 30 shares of stock of defendant association and executed a “Nonnegotiable Mortgage Note” to it in the sum of $3,000 on the above date. At the same time, a mortgage, the terms of which will be set out in greater detail hereafter, covering the property and the…