Bugden v. Bailey

This appeal is to review a decree concerning the priority of two mortgages. The facts have been stipulated. Defendant W. S. Bailey and wife were the owners of 50 acres of land and on October 31, 1924, borrowed $3,500 from Marshall Bugden and g’ave their promissory note secured by a real estate mortgage upon the above-mentioned property. Marshall Bugden died and the administrator of his estate assigned the note and mortgage to Bert Bugden, plaintiff herein. On March 1, 1932, defendant Bailey, being in default in payment of interest, taxes, and insurance deeded the premises to plaintiff and an…