Moran v. Union Savings Bank & Trust Co.

Appellee, a foreign corporation, not authorized to do business in this state, brought this action to foreclose a mortgage given to secure an indebtedness executed by I. F. Holly and wife to the American Investment Company. The mortgage was executed on October 18, 1922, and was filed for record in Lonoke county on November 29, 1922. The mortgage, among other provisions, contained this clause: ‘ ‘ The foregoing conveyance is on condition: That, Whereas the said first parties are justly indebted to the said second party in the sum of one thousand and no/100 dollars for money borrowed, evidenced…