Morgan County National Bank v. Crace

Opinion op the Court by

Judge Clay

Reversing.

Lee Crace as principal, and Ms wife, Emma Crace, executed and delivered to the Morgan County National Bank of Cannel City, Ky., their promissory note for $3,000, bearing date December 16, 1926, and payable on demand, with interest at 8 per cent, per annum after maturity. For the purpose of securing this note Crace and wife, on January 13, 1927, executed, acknowledged, and delivered to the bank a mortgage covering two tracts of land, one belonging to the wife, and the other to Crace. The indebtedness not having been paid, the bank brought this action…