Reid v. Milwaukee Air Power Pump Co.

The material part of the confirmation given to the plaintiff by the defendant on March 16, 1929, was as follows :

“Confirming our recent verbal interview, you may accept this as our authorization to obtain, if possible, a mortgage loan of $60,000, it being the understanding that if that amount is obtained that we will with part of the proceeds pay up the remaining balance of $26,000 first-mortgage bonds that are outstanding against the property at the present time and give as security for the loan that you obtain, the first mortgage on the real estate and improvements thereon which we are now…