Federal Land Bank v. Blackshear Bank

Beck, Presiding Justice.

1. Where a lender agreed to. make a loan to a debtor of a stated amount and take deeds to secure the same, upon the sta/ted condition that the debtor's creditors having existing claims against him would so reduce or scale down their claims that the aggregate of their claims would be within the amount which the lender proposed to lend, and the creditors did scale down their demands which were secured by deeds executed by the debtor and which they canceled and surrendered in favor of the prospective lender, and one of the creditors signed an agreement jointly with the…