Wayne County v. Duncan

Bliss, C. J.-

On March 8, 1934, J. P. Duncan owned 220 acres of Wayne County land, which were clear of incumbrance. Being desirous of obtaining $1,500, on the date mentioned, he and his wife, Daisy Duncan, a defendant, sought to borrow this amount from the school fund. No money was available in the school fund at this time but it was agreed by the county auditor that such sum would be furnished Duncan as soon as available. Duncan and wife, on said date, as security for the money when it should be delivered, executed a mortgage conveying to the “Permanent School Fund of the State of Iowa,” 160…