Ward v. Beem Corporation

This is a suit in which plaintiffs seek a declaratory judgment pronouncing that defendants’ second mortgage and the indebtedness supporting it were legally discharged by previous foreclosure proceedings. Defendants appeal from a decree granting plaintiffs’ prayer for relief.

Plaintiffs purchased Cavalier Lodge in Roseburg from The Beem Corporation. As consideration for the transfer plaintiffs assumed a first mortgage on the property, transferred certain property in Fresno, California, and signed five notes totaling $43,365 secured by a second mortgage which is conceded to be a purchase money…