Webb v. Alexander

On January 4, 1930, Albert Bright borrowed $500 from the Bank of Mulberry, and gave his note therefor to the bank, bearing interest at 10 per cent, per annum from date until paid, due one year after date, and by way of security for the loan executed to the bank a mortgage on an 80-acre tract of land. Bright paid no part' of the principal, but, on January 5, 1931, one day after the maturity of the note, paid interest amounting to $50. Bi:ight later gave the same bank a second mortgage on the same land; but that mortgage was paid.

On November 10, 1934,-Bright sold and conveyed, by warranty deed,…