Arnold v. Moats

This is an action by appellees to foreclose a second mortgage on real estate against the appellants. This mortgage was executed in connection with the refinancing of the property, whereby appellants took title to the real estate formerly purchased by appellants from appellees under a conditional sales contract. A compromise settlement of the indebtedness was accomplished by the execution of a first mortgage to the Home Owners Loan Corporation by appellants, and the acceptance of HOLC bonds therefor by appellees, and further, by the execution of a second mortgage by appellants to appellees for…