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Crowe v. Covington Trust Banking Co. attraction from Kenton Circuit courtroom; Common Law and assets unit.

Tuesday, November 9th, 2021

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Rodney G. Bryson, Assess.

Sawyer A. Smith for appellant.

Rouse, Rates Adams for appellee.

OPINION FOR THE COURT BY JUDGE RATLIFF

Really appellant, J.M. Crowe, was the owner of 5/20 (1/4) in the stock for the Barrington Woods Realty Company, a corporation, hereinafter known as realty company. On March 22, 1922, the realty organization borrowed of appellee, The Covington rely on and Banking organization, hereinafter called the bank, the sum of $13,000 evidenced by thirteen $1,000 records payable on or before 36 months after go out, and protected same by a first financial from the land of realty business. Prior to the loan is consummated, as well as the home loan from the residential property, the stockholders in the realty company, such as appellant, executed and brought to the lender this amazing crafting:

“This Contract Witnesseth:

“That, while, The Barrington forests Realty organization, an agency in legislation regarding the condition of Kentucky, is actually desirous of getting from The Covington benefit financial and Trust team, of Covington, Kentucky, a loan for the amount of $13,000.00, stated mortgage as secured by a home loan in the house of said Realty business in Kenton district, Kentucky, and

“while, the stated Covington benefit lender and count on organization is willing to render said mortgage, given all the stockholders of said Realty organization consent in writing towards the execution of mortgage securing mentioned financing, and additional agree to indemnify said Savings lender and believe providers against any reduction, price or cost by cause associated with generating of said financing;

“Now, consequently, in consideration of this generating of said financing by said economy Bank and count on business to said Realty providers, the undersigned, are all the stockholders of said Realty team, do hereby consent towards execution of said financial and additional consent to keep the said The Covington cost savings Bank and believe team safe and ordinary from any loss, cost or expenses which could happen by reasons in the approving of said mortgage, said promise in amount on the holdings in the a number of stockholders in said Realty business, as follows:

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