R. J. & B. F. Camp Lumber Co. v. State Savings Bank

Citations

• 59 Fla. 455

Syllabus

<p>1. Where a mortgage is given to secure the payment of the purchase price of land conveyed and the mortgagor remains in undisputed possession of the land, which he holds under a deed of conveyance with full covenants warranting the title, and no eviction, actual or constructive, is shown, and no insolvency of nor fraud or misrepresentation upon the part of the vendor appears, the mortgagor cannot set up an outstanding title, or the breach of the covenants warranting title as a defense to a foreclosure of the mortgage for the unpaid purchase money, for which the notes and mortgage were given; but in all such cases the mortgagor has his remedy at law on the broken covenants.</p> <p>2. The endorsee for value of a negotiable note becomes the holder of the legal title and has at least the rights therein that the payee had.</p>