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McGoodwin Banking Co.'s Assignee, et al. v. Gooch, et al.... 550

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O. K. Jellico Coal Co. v. Parks and Parks..

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Owensboro Savings Bank & Trust Co.'s Rec., et al. a. Citizens
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Terrence McElroy, alias Tom McElroy a. C., N. O. & T. P. Ry.
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Woodbury, Guardian Ad Litem, et al. a. Sanders.

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DECISIONS

OF THE

Court of Appeals of Kentucky

1.

2.

3.

SEPTEMBER TERM, 1911

Straeffer v. Rodman, et al.

(Decided December 15, 1911.)

Appeal from Jefferson Circuit Court
(Chancery Branch, First Division).

Mortgages-Security for Advancements.-A mortgage given in
good faith for a specified sum, as security for future advance-
ments, is valid to the extent of the amount specified.
Same Unrecordable Mortgage-Who Cannot Take Advantage of
It. One who is not a subsequent purchaser for value, without notice
of the mortgage, cannot take advantage of its being an unrecord-
able instrument. While the mortgage was not acknowledged as
required by the statute, and was not given force because it was
recorded, it was good as between the parties to it.

Same. Proper acknowledgment was not necessary to make the
mortgage valid as against an outstanding equitable lien. as the
mortgagees had no notice at the time they took it.

KINNEY & THOMAS for appellant.

MCDERMOTT & RAY for appellees.

OPINION OF THE COURT BY JUDGE SETTLE-Affirming.

This is an appeal from a judgment of the Jefferson Circuit Court, Chancery Branch, First Division. The action in which the judgment was rendered was brought by the appellant, Frederica Straeffer, against the appellees, William S. Waller, and Home Savings Fund Company, and grew out of the following facts: In 1899, the appellant who had been a missionary in foreign countries for many years, being about to start for Korea, executed to the appellee, Waller, a written power of

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