Title Ins. & Trust Co. v. McCracken County

Opinion op the Court by

Judge Stites

— Reversing on original and affirming on cross appeal.

This is an appeal from a judgment of the Mc-Cracken circuit court sitting in equity. In February, 1926, the Lakeview Country Club, a corporation, borrowed $40,000 from the Louisville Title Company as trustee for bondholders. It secured this debt by a mortgage on the club’s property in McCracken county. The title company issued forty bonds in the sum of $1,000 each, payable over a period of ten years, against this mortgage. Three bonds fell due in 1927, and three fell due each succeeding year until 1936,…