Elkes v. Interstate Trustee Corp.

The facts are these: The plaintiffs in 1923 executed deed of trust on 60 acres of land to secure a loan of $2,900 made by the North Carolina Joint Stock Land Bank of Durham, N. C. Upon de fault in the payment of the debt the substituted trustee, the defendant Interstate Trustee Corporation, sold the land under the power, and the holder of the evidence of the debt, North Carolina Joint Stock Land Bank, became the purchaser at the price of $1,500. No advance bid having been placed thereon within the statutory period, on 22 February, 1933, said trustee executed deed to the land bank, and on 16…