Cram v. Wells Cargo Inc.

*20OPINION

By the Court,

Merrill, J.:

In December, 1949, Cram as mortgagor was faced with a suit to foreclose a chattel mortgage covering certain heavy dirt-moving equipment, which mortgage was held as security for a note on which a balance of $39,-088.90 remained due. In an effort to avert foreclosure, Cram sold certain of the equipment covered by the mortgage for the sum of $24,500. This sum was applied upon the mortgage and the equipment sold was released therefrom. Following negotiations between Cram and the Nevada Rock & Sand Co., the balance of $14,588.90 was then paid to the mortgage holder…