Virgil State Bank v. Wahl

Defendant Fredrich Wahl, a farmer, and his wife, Mary, occupied as their home a section of land in Beadle county, title to which was in 'Fredrich, subject to a mortgage on which about $19,000 was due, when foreclosure proceedings were commenced. They then deeded the land to the mortgagee, who gave Fredrich an option to buy it back within two years on payment of the amount against it. Seeing no prospect of being able to avail himself of the option, Fredrich traded it for a half section of land in Hutchinson county which was also heavily mortgaged, and in less than a month found that he could…