Court Opinion

ID: 9833104
Source: CourtListenerOpinion
Date Created: 2023-09-01 22:27:13.350376+00
Date Added: 2024-06-11T07:43:59.677422
License: Public Domain

On Motion for Rehearing.
On motion for rehearing Bun-yard insists, among other things, that the deed of trust in question attempted to create a lien on the homestead to secure payment for the stock subscribed for by him in said Association, contrary to the provisions of the Constitution (article 16, § 50), and homestead exemption statutes (Vernon’s Ann.Civ.St. art. 3832 et seq.); that same was therefore void; and that if the provisions of the deed of trust relating to the stock subscription payments be eliminated, then that the contract became so indefinite and ambiguous as to be unenforceable.
We have again examined the deed of trust and find that the lien therein provided secured only the $2,000 note and hot the stock subscription. True, it did provide that failure to pay either the interest on the note itself or the stock subscription as same matured would authorize foreclosure for the debt secured; but, so far as principal was concerned, that related only *280to the $2,000 note. And since the maturity date of the note was referable to the time in which the stock was paid out, and the date of such maturity dependent upon the facility or delay in making such stock payments, we are not prepared to say that the method of enforcing prompt payments thereof in the manner provided constituted a burden on the homestead additional to the principal debt. It appears rather a concurrent method of requiring prompt payments of that debt, and remedial in nature only. If such provision in the deed of trust does, however, place a lien on the homestead for any additional sum, other than the increased interest rate, than the original debt for improvements thereon, it would, of course, be a void lien as to such additional burden upon the homestead. But this would not affect its validity as to the principal note and interest. The motion for rehearing will be overruled.
Overruled,.