Great Western Insurance v. Theede

Charles F. Helmts purchased a certain tract of land in Ringgold County, which was under mortgage of about $26,000; made by Edward P. Bennett and wife, and payable to Leo E. Stevens. Helmts received a deed for the land, which provided, among other things, “subject to a mortgage of $26,000 now of record, favor of Leo E. Stevens of Des Moines, due July 3Í, 1931, which the grantee hereby assumes and agrees to pay as part of the purchase price of said land. ’ ’ Shortly after Helmts bought this land, the claimant herein, the Great Western Insurance Company, acquired the mortgage and note from…