Seldeen v. Canby

In 1965, Dr. and Mrs. H. K. Vann sold their 150-acre farm in Montgomery County to Seldeen as trustee of an undisclosed trust. The record does not reveal what Seldeen paid for the farm but $368,450.98 of the purchase price was evidenced by the purchaser’s promissory note, secured by a purchase-money deed of trust. The note, as described in the deed of trust, called for a $20,000 payment in reduction of principal on 6 January 1966, with interest at the rate of 6% payable annually on the unpaid principal balance for three years commencing 17 August 1966, which amounts were paid. The deed of…