Richardson v. Watson

WILLIAMS, Justice.

Appellant Richardson in November, 1926, acquired by warranty deed from A. F. Shepperd the 35 acres of land involved in this suit, for which he paid $600 cash, executed a $300 installment vendor’s lien note to Shepperd, and assumed a $700 lien then held by Texas Mortgage Company. Shep-perd retained superior title in the deed to secure the $300 note. Richardson in May, 1927, refinanced the $700 debt, at which time the Federal Land Bank took $400 and Shepperd $300 of it. To secure this last $300 item, Richardson executed a note and deed of trust in favor of Shepperd as…