Heilos v. State Land Co.

The bill is to foreclose a mortgage originally in the sum of $36,500 and covering a large tract of land which is divided into building lots. The mortgage contained a provision for the release of lots from the lien thereof upon the payment on account of principal of a certain sum per front foot. The mortgage was made by Globe Land Company, which in February, 1926, conveyed the mortgaged premises to Branford Land and Improvement Company subject to that mortgage and also subject to a second mortgage. Default having occurred on the second mortgage, it was foreclosed and at the sheriff's sale the…