Kulp v. Trustees of Iowa College

The facts material to the questions to be here determined are brief. Prior to January 21, 1932, T. M. Kulp, the plaintiff-appellee, was the owner of a farm in Palo Alto county, Iowa, and the appellant, Trustees of Iowa College, held a mortgage of $8,000 upon the premises. On October 6, 1931, the college commenced a foreclosure of its mortgage. On the 21st day of January, 1932, the college-appellant, the appellee, T. M. Kulp, and others, former title holders and makers of the mortgage of $8,000, joined in an agreement which provided that the plaintiff in the foreclosure action, Trustees of…