Bank of Tallassee v. Jordan
Supreme Court of Alabama
Appeal from Elmore Circuit Court. Heard before Hon. Leon McCord. Bill by Mrs. M. R. Jordan against the Bank of Tallassee and the Peoples’ .Saving Bank of Tallassee to foreclose a mortgage executed by the latter bank. Decree for complainant and respondents appeal.
1Opinion of the CourtMayfield, J.
Appellee filed her bill to foreclose a mortgage executed by the People’s Savings Bank of Tallassee. Before the bill was filed the property mortgaged was conveyed by the mortgagor bank to another bank, the Bank of Tallassee, the grantee assuming liability to pay the debt of complainant secured by the mortgage. The principal secured by the mortgage was not to mature until June,' 1917, but the mortgage contract contained many covenants on the part of the mortgagor, such as to keep the property insured for the benefit of the mortgagee as her interest might appear, to assess the mortgaged property…
2Cited by2 opinions
- People's Savings Bank v. JordanSupreme Court of Alabama · 1917
- Murphy v. MaySupreme Court of Alabama · 1942