Peebles v. Idol

Some time prior to 13 October, 1924, tbe plaintiff, S. O. Peebles, tbe owner of a certificate for ten shares of its stock, issued to him on 15 January, 1924, applied to tbe defendant, tbe Piedmont Building and Loan Association of High Point, N. C., for a loan of $1,000, to be secured by said certificate, and by a mortgage on certain land described in said application. Tbe application for tbe loan was approved by tbe directors of said association. Thereupon, on 13 October, 1924, plaintiffs executed a mortgage by which they conveyed to tbe defendant, W. C. Idol, trustee, tbe land described in…