Reconstruction Finance Corp. v. Smith

BLAIR, Justice!

This appeal presents an issue of law as to the priority of liens between appellant and appellee, the holders of different notes of the same series and secured; by the same deed of trust. The agreed facts determining such priority are as follows:

Jeanette Smith executed a series of thirty-five notes, payable to the Texas Bank & Trust Company, and secured them by a deed of trust on real estate. Before the maturity of any of the notes, the payee bank assigned and indorsed with. recourse all of the notes except four (Nos. 29, 33, 34, and 35), which it retained ; and by a…