Andrews v. Reidy

KING, J., pro tem.

The action of Andrews v. Reidy et al. was brought for declaratory relief, etc. The Andrews owned a note secured by mortgage for $31,000. This note and mortgage had been assigned to a bank as collateral security for a loan. The bank began foreclosure proceedings which proceeded to judgment. The Andrews entered into an arrangement with P. M. Reidy whereby he should advance money necessary to pay off the Andrews’ loan to the bank and the interest and costs of the foreclosure proceedings. Under this arrangement Reidy was to bid in the property at the foreclosure sale and hold…