Home Owners' Loan Corp. v. Guaranty Title Trust Co.

Complainant is a federal loan agency, and files this hill seeking a declaration by way of assurance of title to lands mortgaged to it, in trust deed form, to secure loans of money made to burdened debtors who had previously incumbered their property and fallen into default and suffered foreclosure.

The conditions as to which a declaration is sought, as set forth in the bill, may be thus illustrated:

A, owning land unincumbered, makes and records a first mortgage thereon with power of sale, to secure a debt to B. He thereafter makes and records a second mortgage on the same land to secure a debt…