American Savings Bank v. Borcherding

Tbe appellee Borcberding was tbe owner of 80 acres of land. There `were two mortgages on said land, one for $11,200, and one for $4,000. Borcherding sold the land to the appellant, Sehapman. The contract of sale was made the 28th of June, 1919, the agreed price for the premises being $300 per acre, or a total of $24,000. Under the contract, settlement was to be made March 1, 1920. The purchaser was to pay $2,000 in cash and $6,800 on the day of settlement, and it is contended that the balance of the purchase price was to be paid by the assumption of said two outstanding mortgages. On March 1,…