Johnston v. Federal Land Bank

We recite briefly the substance of the facts upon which this ease turns. In 1933 Johnston, through the Cherokee County National Farm Loan Association, of which one Bell was secretary-treasurer, made application for a loan of $15,000 from the Federal Land Bank of Omaha, hereafter referred to as “bank”, and the Land Bank Commissioner, herein designated “commissioner.” The loan was to be secured by a first mort gage on the incumbered land. The application, after being approved by the loan association, was sent to the defendant bank which, on January 26, 1934, approved a loan in the sum of…