Schwarz v. National Loan & Investment Co.

LOONEY, Justice.

The events leading to the present controversy, briefly stated, are these: On March 12, 1927, Hawkins Court, Inc., conveyed to Otto Schwarz the lot of land involved in these proceedings, upon a recited consideration of $3,500, — cash $2,000, and a note for $1,500, retaining a lien on the land. This note was transferred by the vendor to the National Loan & Investment Company and, on April 1, 1927, Otto Schwarz and his wife Ruby executed a deed of trust on the lot to secure the note. On May 5, 1931, there was a foreclosure under this deed of trust, the Investment Company…