Peter E. Newman v. Troy Savings Bank

The facts in this case are stipulated. The appellate argument is concerned with the decision which was rendered on those facts. We affirm.

Newman, a citizen of Louisiana, executed mortgages in rem (no personal liability) which were later assigned to Troy Savings Bank. These mortgages contained language which required the consent of the mortgagee prior to a sale of the property, further providing that consent could not be unreasonably withheld nor unreasonably denied. There was no provision with reference to a transfer fee.

When Newman sold the property to third parties the Troy Savings Bank…