Bank of Oakman v. Thompson

Apnolleos concede that the mortgage now held by Alice Thompson was, when executed, inferior to that of complainant executed on the same day, to wit, May 14, 1926. If contained on its face a recital to that effect. The mortgage given to complainant on June 11, 1927, was executed after the record of said inferior one, and, to the extent at least that it secured a new debt presently contract ed for wMcli the first mortgage made no provision (Farmers’ Union Warehouse Co. v. Barnett [Ala. Snp.] 137 So. 176 1 ), it became subordinated to said theretofore inferior mortgage. It was to that extent an…