Marshall & Spencer Co. v. Peoples Bank

The Peoples Bank of Jacksonville brought suit to foreclose a mortgage, against the mortgagors, and other named defendants claiming to have materialmen’s liens on the mortgaged property.

The bill alleged that the mortgage was superior to the liens of the materialmen.

A decree of foreclosure was entered, in which the liens of the materialmen were held to be superior to the mortgage. This decree, on appeal, was reversed.

Pending the decision on appeal, the mortgaged property was sold by the Master on order of the court, and bought for $10,000.00 by the Bank, which entered into' possession of it…