Collateral Investment Co. v. Payne

Gregory, Justice.

The order on appeal from the court below requires appellant Nancy J. Payne to convey certain real property to *322her former husband, respondent Jimmy B. Payne, in lieu of foreclosure. We reverse.

Plaintiff Collateral Investment Company commenced this mortgage foreclosure action against both Paynes when appellant, then the sole owner of the property in question, defaulted in making payments under plaintiff’s mortgage. Appellant held title to the property by virtue of an agreement incorporated into the Paynes’ earlier divorce decree whereby respondent conveyed his one-half…