Des Moines Joint Stock Land Bank v. Allen

In 1919, the defendants J. H. Allen and wife executed an amortization note and mortgage in the sum of $24,000 to the Central Iowa Joint Stock Land Bank of Des Moines, which the latter assigned to plaintiff in 1924. In May, 1922, Mr. Allen, being greatly indebted to the First Trust & Savings Bank and the First National Bank, of Fort Dodge, Iowa, conveyed tbe land in question to them, as security for such indebtedness. At that time Mr. Allen was indebted to both banks in an amount greatly exceeding his equity in the land, and his deed to them was in effect a mortgage. This deed was made subject…