Andrews

The action of Andrews v. Reidy et al. was brought for declaratory relief, etc. The Andrews owned a note secured by mortgage for $31,000. This note and mortgage had been assigned to a bank as collateral security for a loan. The bank began foreclosure proceedings which proceeded to judgment. The Andrews entered into an arrangement with P. M. Reidy whereby he should advance money necessary to pay off the Andrews’ loan to the bank and the interest and costs of the foreclosure proceedings. Under this arrangement Reidy was to bid in the property at the foreclosure sale and hold the commissioners’ certificate of sale as security for the money advanced. This was done. Reidy bid in the property for the full amount due on the judgment, advancing $12,000 to pay off the Andrews’ loan to the bank and crediting the balance on the judgment, which had been assigned to him. The commissioner’s certificate of sale was issued to Reidy. Thereafter the property was redeemed by the owners, the commissioner receiving $42,837.21 on the redemption. At this point the present action arises. The Andrews brought the suit, claiming that the $12,000 was loaned by Reidy with the understanding that in lieu of…