Coffman v. Davis

HIGGINS, Justice.

On November 23, 1928, R. O. Phipps and wife conveyed in trust to Lee Y. Williams two lots in Dallas, upon which a house is situate, to secure the payment of a note for $1,300 of the same date, bearing interest at the rate of 10 per cent, per annum from date, payable to the Midland Building & Loan Association.

January 28,1929, Phipps and wife conveyed the lots to Pearl Matzler, who later married J. E. Davis; the grantee assuming the payment of said note.

Default being made in the payment of the note, the trustee, Williams, on August 2,1932, sold the lots, under power conferred…