Oakman v. Hurd Lumber & Woodwork Co.

The decree, appealed from, released premises from a mortgage, because the mortgage note had been surrendered to the mortgagors and a new short-time note for a like amount given and subsequent short-time notes given for balance of the debt secured by the mortgage.

Plaintiff purchased from the mortgagors and took a deed subject to the mortgage, wanted to pay, discovered the surrender of the original note and substitution and renewals, assumed that such discharged the mortgage, refused payment, and, after foreclosure by advertisement and expiration of period of redemption, filed the bill herein…