First Trust Joint Stock Land Bank v. Jelsma

In 1933, plaintiff appellee commenced an action to foreclose a mortgage securing a note of $7,000 against 80 acres of land in Marion county, Iowa. The note and mortgage were executed by the defendants herein on or about July 2, 1926, payable on an amortization basis. All payments on principal and interest were made up to August, 1931, at which time the indebtedness was reduced to $6,560. In 1930, the defendants sold the land under a contract of sale to one Rietveld, who failed to make the payments due on March 1, 1932, when the farm was returned to the mortgagors. The payments due in 1932 not…