Smith v. Associated Mortgage Companies Inc.

Atkinson, Presiding Justice.

On November 12, 1930, a borrower executed a deed to secure a loan of $20,000, evidenced by a promissory note of that date and payable five years thereafter. The deed conveyed as security two parcels of realty, one located in Fulton County and the other in DeKalb County. The deed contained the following power of sale: “and the party of the first part furr ther covenants and agrees that in case the debt hereby secured shall not be paid when it becomes due by maturity in due course, or by reason of a default as above provided, the party of the second part, or assigns,…