147 Ga. 635 | Ga. | 1918
The plaintiff brought an equitable petition against Robert Bostick and his wife, Beulah Bostick, alleging as follows: Robert Bostick is indebted to the plaintiff in a stated sum, for which he gave a "promissory note, and to secure the payment of the note he executed a mortgage upon described real estate. At the time of the execution of the mortgage, he did not have title to the property, but was in possession of it and owned an equity therein. The legal title to the property was in one Webb, and Bostick caused Webb to convey the title to a named bank to secure the payment of a loan which Bostick had obtained from the bank. The bank, at the time of taking the deed from Webb, executed a bond for title to Robert Bostick, conditioned to convey the property to him upon the payment of his debt to the bank; and Bostick was the owner and holder of the bond for title at the time of executing the mortgage to the plaintiff, and was in possession of the property. Subsequently Bostick transferred the bond for title to his wife. This transfer was without consideration, and was made for the purpose of hindering, delaying, and defrauding the plaintiff. Thereafter Mrs. Bostick surrendered the bond for title to the bank, and the bank executed to her a conveyance of the property. The consideration of the transfer made by the bank to Mrs. Bostick was paid by Robert Bostick, who is insolvent. The prayers were, to establish a lien claimed by the plaintiff, to have its priority decreed, to have the title to the property decreed to be in Robert Bostick, for general judgment, and for injunction. The contention of the defendants was, that Mrs. Bostick’s money had paid for the property, Robert Bostick having bought it for her, but that he took the bond for title to himself, though he was merely the agent for Mrs. Bostick in the transaction; that he had subsequently, in good faith, transferred the bond for title to her; that it should have been taken to her at the first; that the legal title had never at any timé been in Robert Bostick; that he has never been in possession, but resided on the land with his wife. The mortgage contained the following clause: “Robert Bostick, of Lowndes County, hereby mortgages to said Farmers Supply .Company, assigns or holders of said note, the following property; . . this being the place where Robert Bostick now resides. . . This mortgage
Judgment reversed.