Marble Savings Bank v. First State Bank of Vanoss

LEACH, C.

C. A. and Dora E. Pennington, husband and wife, executed two mortgages on their lands, the first securing a note for $2,500, the second securing three commission notes aggregating the sum of $500, all in favor of the Conservative Loan Company; the loan company sold and assigned the $2,600 note and mortgage. Thereafter the Penningtons executed a thi.d mortgage on their lands securing a note for the sum of $650 in favor of the First State Bank of Vanoss, in which mortgage it was recited, that the same was subject to a first mortgage for the sum lof $2,500 in favor of the loan company.…