Future Bldg. Loan Asso. v. Mazzocchi

The bill is to foreclose a building and loan mortgage on an apartment house. The mortgage was executed and recorded after the building was commenced. Part of the proceeds of the mortgage was applied to the erection of the building and the balance was paid to the mortgagor's use in various ways in connection with the title and the mortgage in suit. The contesting defendants are mechanics' lien claimants who subordinated their claims to the lien of the mortgage. The master to whom the matter was referred, found that the mortgage was the first and prior lien to the amount of its face value,…