First Carolinas Joint Stock Land Bank v. Page

Stacy, C. I.,

after stating tbe facts: The plaintiff, a donee beneficiary, and the mortgagors, the Pages, and the grantor, Broadacres Orchard Company, are seeking to hold the grantee, Salvation Army, primarily liable for the mortgage debt on the assumption clause contained in the deed conveying to the Army the equity of redemption in 5,030 acres of land. The briefs are replete with learning on the subject, but the case, in reality, falls within a comparatively narrow compass.

The law undoubtedly is, that when a purchaser of mortgaged lands, by a valid and sufficient contract of assumption,…