Court Opinion

ID: 9828607
Source: CourtListenerOpinion
Date Created: 2023-09-01 18:33:17.920839+00
Date Added: 2024-06-11T07:42:51.034619
License: Public Domain

On Motion for Rehearing.
The trust deed executed by J. M. Stiles and C. D. Stiles to Martin Stiles was, in legal effect, a power of attorney only. By its terms Martin Stiles was appointed the agent of the grantors, with powers specifically fixed to take charge of and rent out said land and apply the proceeds arising therefrom, first, to payment of expenses incurred by the trustee and a commission of 5 per cent, to him for his services; and the balance remaining as credits, first, on the interest, and then on the principal of the mortgage indebtedness; but with the following specific limitation of his powers: “If the property remains intact or any part thereof remains .intact until the death óf each survivor, the said trustee, in that event is to have full possession and control over the said above described property, or the part thereof remaining but shall not have the power of alienation in any manner whatsoever of the- real estate above men*993tioned, save and except the power and authority to execute renewal mortgages for the indebtedness already existing and which is .secured by a lien or liens on any of the above described property or to execute mortgage or mortgages upon said above described property with which to extend or extinguish any pre-existing debt secured by a lien on the hereinbefore described lands and premises.”
The trustee never attempted to extend the outstanding mortgage liens held by plaintiff who sued to foreclose the original.
The five-year period stipulated for continuation of the powers therein given to the trustee will expire on March 21, 1938. The only basis for any possible claim by him for such continuation would be the right to earn the commissions during that period. He filed an answer in the suit “individually and as trustee under a certain deed of -trust executed by C. D. Stiles and J. M. Stiles and as independent executor of the estate of C. D. Stiles, deceased.” Manifestly, the judgment of foreclosure terminated and extinguished that option, and he has made no complaint of it here.
• We are unable to perceive how it can be said that the trust deed created an additional lien on the land to secure the note sued on, and that the title acquired by appellees from J. M. and C. D. Stiles was burdened therewith and operated as an es-toppel to assert the defense of usury on the note in suit.
Appellant’s motion for rehearing is overruled.