The Thrift v. Michaelis

The action was brought to foreclose a mortgage of $3,500, dated August 18, 1927, made to the plaintiff by defendants Henry E. Michaelis and Mary, his wife, and recorded August 22, 1927. In the complaint it is alleged that this mortgage sought to be foreclosed was made for the purpose of taking up three other mortgages upon the property in question; that, at the time the mortgage was made, the owner of the property told the plaintiff that there were no other mortgages on the property, and, at the time the search was made in June, 1927, no other mortgage appeared. However, when the loan was…