Century Savings Ass'n v. C. Michael Franke & Co.

Abbott, J.:

This is an appeal from a judgment in a declaratory judgment action holding that a “transfer of title” of mortgaged real estate had occurred, thus triggering the acceleration clause of a promissory note held by the plaintiff, Century Savings Association of Kansas (Century).

The parties stipulated to the facts. Highly summarized, in 1976 Century’s predecessor, Kansas Savings & Loan Association, loaned $500,000 to C. Michael Franke & Company, Inc. (Franke & Company). A note and mortgage were executed and recorded. The note bears interest at 6 lh percent per annum. The low rate of…