Cornell College v. Crain

Prior to and on July 10, 1929, appellee was the owner of a certain tract of land in Linn County, Iowa, upon which appellant held a second mortgage. On the above date, appellee conveyed the mortgaged premises to appellant, in payment and satisfaction of such mortgage indebtedness, by warranty deed, containing the usual covenants, except the encumbrance of a prior mortgage, and without other reservation than the right to occupy the premises until March 1, 1930, and to have the rents, etc.

The second mortgage held by appellant was executed to it by appellee. Subsequent to the execution of the…