Morgan v. Somervell

In October, 1926, appellant executed and delivered her promissory note in the sum of $4,150, the principal being payable in monthly instalments of $50 each commencing December 1, 1926, with interest on the unpaid principal at the rate of 7 per cent per annum, payable quarterly. In April, 1928, plaintiffs acquired ownership of this note, the payment of which was originally secured by a deed of trust, but the last-named instrument became valueless by reason of the foreclosure of and sale under a prior mortgage on the same property covered by the aforesaid deed of trust. On November 2, 1933, an…