Congress Industries, Inc. v. Federal Life Insurance

OPINION

SCHROEDER, Judge.

This is an action for foreclosure of a mortgage. The essential question is whether there was a default on the part of the mortgagor when payment of a check representing three months’ installments was stopped by the title company which drew the check. The trial court entered a summary judgment of foreclosure, and the mortgagor appeals.

The facts are that in April 1973, Fort Wayne Mortgage Co. made a mortgage loan to Maricopa Ventures, predecessor in interest of appellant Congress Industries. Security was a certain office complex in Tempe. Fort Wayne later transferred the…