Clark v. Belt
Court of Appeals for the Eighth Circuit
In Error to the District Court of the United States for the District of South Dakota; James D. Elliott,.Judge. Action at law by Denton Deo Belt against Stanley U. Clark. Judgment for plaintiff, and defendant brings error.
1Opinion of the Court
POPE, District Judge.
Belt owned property in the city of Essex, Iowa. Clark had a farm in Spink county, S. D. They exchanged. By the terms of their agreement the South Dakota farm was to be taken at $32,000, subject to a mortgage of $16,800, thus leaving the net equity $15,200. The Iowa town property was placed at $18,500, with a mortgage of $4,000, making the net equity $14,500. To cover the difference of $700 in the two equities, resulting from the valuations thus placed, Belt was to pay Clark $700 in cash. The contract gave Belt one-third of all crops raised on the farm, evidently for the…
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