First National Bank v. McDonough

— The facts out of which this litigation arose are, in substance, as follows: One Andrew Petter Palm was the owner of a certain tract of land in Minnesota, incumbered by mortgages in the sum of approximately $18,000. He deeded this land to Frank J. McDonough, who assumed and agreed to pay these mortgages. Later, McDonough conveyed this land to Gur- nett Brothers. This deed recited a consideration of $29,837, in hand paid, receipt whereof was thereby acknowledged, and that the same was free from all incumbrances except mortgages aggregating $18,837, which said second party (Gurnett Brothers)…