First Trust Joint Stock Land Bank v. Beall

I. One Beall owned about 400 acres of land. On April 19, 1924, he mortgaged said premises to the appellant, to secure $22,000 and interest. Default was made in payments due under said mortgage, and on October 11, 1927, the appellant brought suit for the foreclosure of its mortgage. The mortgage contained a provision pledging the rents and profits of the said real estate as security for the debt, and providing that, in case of foreclosure, the holder of the mortgage would be entitled to have a receiver appointed, to take possession of the premises and collect the rents of said real estate and…