Ubersee Handels Gesellschaft, Inc. v. Semenjuk

COWART, Judge.

The owner of the first mortgage on certain real property filed a foreclosure action joining, as parties defendants, appellees, the owners of the second and third mortgages on the property. One John A. Rai-ney, a broker interested in putting together a “deal” whereby the mortgaged property would be sold at private sale for a sum sufficient to pay the mortgages, approached appellees about buying their mortgages at a discount. Appellees executed and delivered an agreement giving Rainey an option, during a certain time period, to purchase the second and third mortgages for a sum…