Mutual Life Ins. Co. of New York v. Grissett

MEMORANDUM OPINION

FINDINGS OF FACT

HOBBS, District Judge.

On September 30, 1975, defendant D. Charles Grissett borrowed approximately $90,000.00 from defendant Federal Land Bank (hereinafter referred to as “FLB”). In return for this loan, Grissett executed a promissory note and a first mortgage on a tract of land consisting of approximately 258 acres (hereinafter referred to as Tract II) . The mortgage on Tract II was properly recorded in the Probate Office of Coffee County, Alabama (Enterprise Division), on the same day as the execution of the promissory note, September 30, 1975.

Sometime prior…