Union Guardian Trust Co. v. Lipsitz

August 3, 1926, defendant Lipsitz applied to the Guaranty Trust Company for a con struction loan of $185,000. August 9th he executed and acknowledged a memorandum that he had entered into an agreement with the Guaranty Trust Company whereby he was to execute a mortgage as security for services to be rendered and money to be loaned him by the company. No such agreement appears in the record.

Under date of August 16th he executed to the Guaranty Trust Company, “trustee, for the holders of the bonds or obligations secured hereby,” a real estate mortgage to secure 208 bonds aggregating $180,000.…