Turnbull v. Eight Creditors Corp.

The bill is to foreclose a $225,000 mortgage because the first installment of interest was not paid and remained in default fifteen days, which matured the mortgage at the complainant's election. The answer admits $215,798.87 was paid, but sets up that the balance, $9,201.13, was withheld upon the inequitable pretense that the property was subject to certain prior liens,i.e., conditional sales contracts of personal property that form no part of the mortgaged premises. The defense is that there was no default because the complainant should have, as requested, applied the money wrongfully…