Franklin Mortgage Co. v. McDuffie

McDuffie owned a piece of real estate on which he had borrowed from John Hancock Life Insurance Company $7,500, giving to the lender a security deed, which was duly recorded, to secure the loan note. Subsequently McDuffie sold the property to Mrs. Woolf, the grantee expressly assuming such debt as a part of the purchase-price. Mrs. Woolf thereafter conveyed the property to the Franklin Mortgage Company, without any reference to the incumbrance, nor did the mortgage company expressly agree to pay off and discharge the same as a part of the purchase-price. The mortgage company, in order to…