Industrial Homestead Ass'n v. Schramm

ROGERS, Justice.

The record in this case discloses that on November 5, 1925, the Industrial Homestead Association sold to Frederick C. Schramm a certain piece of real estate situated in the city of New Orleans. The consideration for the sale was $37,000, payable on terms, which was secured by the usual building association mortgage and vendor’s lien. On May 14,1930, Schramm sold the property to the Acme Blow Pipe & Sheet Metal Works, Inc., a corporation in which he owns the controlling interest. The new vendee, as part of the consideration for the sale, assumed the mortgage and vendor’s lien…