In re Fortescue

GRIM, District Judge.

Frank Archambault Fortescue and his wife, Lois Fortescue, were adjudicated bankrupts on July 23, 1953. Among the assets of the Fortescues at the time of their adjudication was a house and lot of ground at 7448 Devon Street, Philadelphia. They acquired title to the property by a deed which was dated, delivered and recorded on December 1,1952. When they acquired title to the property on December 1, 1952, they paid the purchase price of $16,000, (a) by borrowing $10,-000 from, and giving to, the German-town Federal Savings and Loan Association a. first mortgage on the…