Stephens v. Keen

A bill was filed to compel a mortgagee to release a certain number of acres of land from the mortgage lien. At the time the purchase money mortgage was given, another contract was executed whereby the mortgagee agreed “to release the southwest quarter and the west half of the southeast quarter of Section 22, in said Township and Range, in five-acre tracts or more, upon payment of Ten Dollars per acre, and he likewise agrees to release the balance of the said land upon payment of Fifty Dollars per acre.”

Whenever the mortgagor sold off any of the land he paid the mortgagee at the rate of fifty…