American Security & Trust Co. v. John J. Juliano, Inc.

This is a suit instituted by American Security and Trust Company, sometimes hereinafter referred to as the bank, to obtain the judicial foreclosure of a deed of trust upon certain real property executed to secure a negotiable note for $20,000.00 held by it.

The evidence presented entirely by complainant’s witnesses and heard ore tenus before the chancellor, is not in dispute. The facts and circumstances are set forth below.

On December 18, 1959, John J. Juliano, Inc., a builder of houses, executed and delivered to McIntosh & McIntosh, Inc., its negotiable, promissory note for $20,000.00,…