Agri Bank FCB v. Maxfield

I dissent. The majority points out the pertinent language from the “Warranty Deed With Assumption of Debt” which stated that in consideration of ten dollars and other good consideration the grantors conveyed the 5M Ranch, with the following declaration:

SAID Grantee hereby assumes the payment of certain notes totalling $240,000.00 in conjunction with this transfer of the above described 1,500 acres, more or less, in Carroll County, Arkansas.

Morgan Maxfield, the grantee, signed the warranty deed and executed a promissory note dated the same day as the warranty deed, in favor of J. R. Maxfield,…