Henry v. Coe

On July 10, 1920, H. M. Stephenson and wife borrowed from Conservative Loan Company $1,500 for which they-executed and delivered their promissory note, due and payable August 1, 1930, with interest from date at 6 per cent, payable annually, secured by a mortgage on 150 acres of lands in Searcy county. On September 7, 1920, said Stephenson and wife conveyed said lands by warranty deed to A. R. Henry for a consideration, as expressed in the deed, of $3,000, which deed contained this provision: “This deed is given subject to deed of trust of $1,500 to Conservative Loan Company.” The note and the…