Chippas v. Midland Insurance Co.

SCHWARTZ, Chief Judge.

In August 1978, the appellant Harry Chippas1 executed two notes and mortgages on real property he owned in Dade County in favor of the appellee Midland Insurance Company. The instruments were to serve as collateral on a $500,000 bail bond written by Midland to secure the release, pending trial, of Chippas’s son, Louis Chip-pas, who had been arrested and jailed on a felony charge in Mercer County, New Jersey. The mortgages provided that they were to secure the “above-described bail bond, any extension, sustitutions [sic] or increments.” In 1980, Louis Chippas, having made…