Federal Bond & Mortgage Co. v. Shapiro

Plaintiff holds a mortgage on certain Teal estate to secure the payment of $25,000, payable in installments, one of which, amounting to $1,500, fell due September 8, 1921. The maker of the mortgage sold the mortgaged premises to Max Stotter and wife, and they, after placing a second mortgage of $20,000 on the premises, sold and conveyed the same to defendant on March 22, 1921.

The deed to defendant contained the following:

“Said premises are free from all incumbrances whatever except existing mortgages in the amount of forty-five thousand dollars ($45,000.00), which the said party of the second…