Freedom Savings & Loan Ass'n v. Horton

SMITH, Judge.

Freedom Savings and Loan Association (FSLA) appeals a final summary judgment denying relief in its foreclosure action. Because genuine issues of material fact remain to be litigated, we find it was error to grant summary final judgment in favor of the Hortons based upon their defense that they were bona fide purchasers for value without notice of FSLA’s mortgages.

Reduced to the bare essentials, the facts are that in 1976, FSLA took two mortgages on Lots 6 and 7 of the Lake Charlene subdivision, upon which four quadruplexes are located on each half of each lot. In 1980, FSLA…