Boraks v. Siegel

This case involves a bill to foreclose a so-called equitable mortgage on a vendee’s interest in a land contract.

On December 20,1949, George Eatmon became the vendee under a land contract. Twenty-two days later, plaintiff acquired the vendor’s interest;

Forty-one days after that, on February 21, 1950, the Eatmons gave a promissory note to plaintiff’s brother, Paul Boraks, in the sum of $2,164 as evidence of indebtedness for improvements to the property. Eatmons also assigned their vendee’s interest “to secure payment” of the note. The assignment to Paul Boraks was recorded on August 9,. 1950.

On…