Mitchell v. Estate of Smith

In 1922 the plaintiff’s testator, herein termed the creditor, loaned John W. Smith SI,600, taking a note secured by a mortgage of real estate which “was and is worth substantially less than the amount” of the loan. John borrowed the money to loan to his son Edson for use in the purchase of a home, and Edson gave his father a note with a mortgage on the property he bought as security. Interest was paid regularly for four years on the creditor’s loan, and by Edson as a convenience for his father, to whom the creditor sent receipts. In 1927 the father died and his widow was appointed executrix…