Leslie v. Smith

MISER, -C.

The 'State Bank & Trust Company of Watertown, of which appellant Smith, superintendent of 'banks, took charge for the purpose of liquidation, owns a second! mortgage of $10,000 on land in Codington county, which mortgage is expressly subject to a first mortgage. One Bass, the owner of the first mortgage, on default in its payment, brought a foreclosure action. Through inadvertence the State Bank & Trust Company, holder of the second mortgage, was not made a party. Bass bid in the property at foreclosure sale held on June 2, 1925. A sheriff’s deed was issued to Bass after the year of…