Lester v. Baxter

Atkinson, Justice.

Four persons individually executed a joifit promissory note for a loan of $4000, and a joint security deed conveying several parcels of realty separately owned by the grantors. The individuals were members and “trustees” of a church. The object of the loan was to save church property from “forced sale.” The money was paid by the lender directly to the holder of two outstanding executions having special liens on the church property. The executions were duly transferred to the makers of the note and security deed, who in turn duly transferred them to the lender. The lender…