Fed. Dep. Ins. Corp. v. Stensland

Sometime prior to November, 1935, the Bank of Reeder, a North Dakota banking corporation, located and doing business in the village of Reeder, North Dakota, owned certain real property in Harding County, South Dakota. The defendants, Owen Stensland and Elene Stensland, residents of South Dakota, desired to purchase this land from the Bank of Reeder and did so finally purchase the land. In payment of the purchase price the Stenslands executed and delivered to the Bank of Reeder their promissory notes which form the basis of this action and executed and delivered to the Bank of Reeder a real…