Pollard & Bagby, Inc. v. City of Richmond

By deed dated June 1, 1925, John R. Blair and wife conveyed to Pollard & Bagby, Inc., trustee, certain property located at the southwestern comer of Grace and Adams streets, in the city of Richmond, to secure a first lien debt of $60,000, evidenced by several notes made by Blair and payable to bearer, and a second lien debt of $5,750.

On November 10, 1931, Blair and wife conveyed the property to Harry Craver. This conveyance was subject to the deed of trust mentioned above, but expressly provided that the grantee did not assume any liability for the debts thereby secured. On August 24, 1939,…