Roach

Emma Roach executed a note secured by mortgage on real estate for $5,800 to the plaintiff, Olive Miller. Thereafter, she and the defendants Weber entered into “exchange escrow instructions” wherein it was agreed that “for the purpose of effecting an exchange of properties hereinafter described”, which “exchange escrow instructions” was made for the purpose, among other things, of exchanging the property which was the security on the notes and mortgage to the plaintiff. The escrow instructions then set forth “its [the property’s] appraised value and the value of the equity conveyed”. The agreement or “exchange escrow instructions” provided that the property was “subject to: mtg. for $5,800, at 8 per cent quarterly, due about 1928 in favor of Olive Miller. Appraisal value $28,800.00. Value of equity $17,534.67.”- The “exchange escrow instructions” providing for the exchange of the property from the Webers to Roach was in identical form except as to the names, descriptions and figures; the “value of equity” in each instance was substantially the same, any difference being adjusted between the parties. The “exchange escrow instructions” also provided that “assurance of title” should…