Schumacher v. R-B Freight Lines, Inc.

Plaintiff brought suit to recover the value of a truck and trailer against which he held what we will call for the sake of brevity first and third mortgages. He had loaned to the owners of this property the sum of $2,300 which, it is understood from the record here, included the unpaid balance of a first mortgage then held by a bank. Pursuant to an understanding evidenced by a written memorandum, made at the time of said loan by plaintiff, the bank’s mortgage was assigned to plaintiff and was received by him as collateral security for the $2,300 loan. The amount then due on the bank’s…