J. Reed Tuft v. Federal Leasing

On March 27, 1964, defendants Wendell and Irene Butcher mortgaged a parcel of land to plaintiffs predecessor in title, Strevell-Paterson Finance Corporation (Strevell), to secure a promissory note. This note became delinquent on March 31, 1966. On November 2 of that year, the Butchers conveyed the parcel to Carnicero Dynasty Corporation (Carnicero) by warranty deed. Carnicero did not assume or agree to pay the Butchers mortgage on the property.