Island Holding Co. v. Johnson

Terrell, C. J. —

Jeannette I. Cummings sold certain lands in Dade County to Cor il Gables Securities Corporation. As payment, she took eleven negotiable notes numbered consecutively payable in three months, six months, one year, and two years from date of the .sale, the said notes being secured by a mortgage describing the lands sold. The vendor endorsed notes ten and eleven to Pepper and Potter without recourse with the understanding that they would be subordinate to the notes held by her. Pepper and Coifrin, Inc., acquired note ten and Island Holding Company acquired note eleven by…