Stalcup v. Easterly

BERRY, Justice.

The parties who occupy the same relative positions here as in the trial court, will be referred to herein as they appeared in the trial court.

■ Plaintiffs sold city property to defendants. As of date of sale the property was subject to an insured FHA and a GI loan. It was provided in the deed from plaintiffs to defendants, and in a contract entered into in connection with the sale, that defendants assumed and agreed to pay the referred-to loans. Defendants failed to timely satisfy the provisions of the loans and the mortgages securing the loans were foreclosed. The proceeds of…