Dean v. Clapp

A brief summary of the facts out of which this controversy arose will enable us to better understand the legal question involved. Among the assets which came into the hands of M. E. Clapp, Receiver of the Mills County National Bank of Glenwood, Glenwood, Iowa, was a note in the principal sum of $2,151.48, bearing date of May 10, 1932, and signed by John W. Johnson (now deceased) and Yerna R. Johnson, which note was secured by a second mortgage upon 200 acres of real estate in Mills County, Iowa, which was junior to a first mortgage of approximately $21,000. The estate of John W. Johnson was…