Neely v. Clarence Saunders Co.

The bill was.filed by Neely to enforce a mechanics’ lien on land in Memphis which had been sold to Saunders Company by Tennessee Realty Company, another corporation and a defendant herein. The consideration given was $100,000 in notes payable to bearer, payment being secured by a deed of trust naming Union Planters ’ National Bank & Trust Company as trustee. Following the execution and registration of these instruments, the notes were negotiated by the vendor Realty Company to the aforesaid Bank & Trust Company as collateral to secure payment of (1) $10,000 loaned at the time, and (2) $95,000…