(DOWNLOAD) "House Of Carpets Inc. V. Mortgage Investment Co." by New Mexico Supreme Court * eBook PDF Kindle ePub Free
eBook details
- Title: House Of Carpets Inc. V. Mortgage Investment Co.
- Author : New Mexico Supreme Court
- Release Date : January 21, 1973
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 67 KB
Description
On June 2, 1970 the appellant took a promissory note and construction loan mortgage from Mr. Daniels and his wife to furnish construction financing for a house on real estate in Albuquerque. The mortgage was recorded in the Bernalillo County Clerk's office on June 3, 1970. Appellees commenced work and the delivery of materials after the mortgage was recorded. Appellant made advances of funds to Daniels as construction progressed on the premises. All of these advances were made after work had commenced. Construction was substantially completed in September, 1970, when appellant had advanced $29,500.00, the face amount of the note. Thereafter appellees filed mechanic's and materialmen's liens on the premises. From November 19, 1970 to April, 1971, appellant continued to advance funds in order to preserve, finish and repair the constructed house. The total amount advanced by appellant was $32,366.19. The case was submitted to the district court on stipulated facts. The note and mortgage, and the deposition of Mr. Wilson, an official of appellant, to determine the priorities of the various mechanic's liens and the mortgage. Final judgment was entered by awarding priority according to the date of each advance by the appellant.
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