Phipps v. Reed

GRISSOM, Chief Justice.

In their original petition, Reed and wife alleged they owned land in Erath County; that Phipps owned a note secured by a deed of trust lien thereon; that, when the note and deed of trust were executed, Reed was employed by Phipps as á salesman and it was agreed Phipps would withhold one-fourth of the commissions earned by Reed and apply same on said note; that Phipps had retained, commissions sufficient to pay all installments due but had failed to apply same on' the note arid was claiming an installment was past due'; that said note constituted an encumbrance upon the…