International Harvester Co. v. Young

Earl R. Young, father of defendants, was indebted to plaintiff in the sum of about $2,800, evidenced by his notes, with interest thereon, and secured by a chattel mortg’age upon his farm implements and live stock. His farm was mortgaged and his total indebtedness amounted to about $13,500. He applied for a Federal loan with which to meet his indebtedness. When it was apparent that a Federal loan might be obtained but in an amount insufficient to meet his obligations and that if and when made by the Federal Land Bank of St. Paul for itself and/or as agent for the land bank commissioner and the…