Guaranty Trust Co. of New York v. Gay

BOULDIN, Justice.

In August, 1937,. the Guaranty Trust Company of New York proceeded to foreclose under power of sale in a mortgage on real estate executed to said mortgagee by W. C. Gay on February 28, 1933, due November 1, 1933, for the principal sum of $2,650.

Thereupon the mortgagor filed a bill in equity to enjoin tile sale, to cancel the mortgage for fraud in its procurement and for want of consideration. The bill also sought an accounting and general relief. The mortgagee, by answer denied the averments of he bill on which its equity was based, and set up its version of the transaction.…