BELLOWS FALLS TRUST CO. v. GIBBS

No. 85-333.

534 A.2d 210 (1987)

BELLOWS FALLS TRUST CO. v. Rooney L. GIBBS and Cynthia W. Gibbs.

Supreme Court of Vermont.

September 8, 1987.


ENTRY ORDER

27 V.S.A. § 141(b) provides that "[w]hen a mortgagee takes an accruing mortgage, the only debt which shall be secured thereby or become a lien upon the property described therein shall be the debt described in the mortgage and existing at the time of its execution, and any subsequent direct indebtedness of the mortgagor to such mortgagee; ...." (Emphasis added). The subsequent indebtedness here was incurred by only one of the mortgagors...

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