Bilbo v. Ball

At the time of the transactions under consideration, the plaintiff was, and for many years had been, an extensive dealer in real estate. The transaction ruider attack had its beginning on August 3, 1916, when the plaintiff, Bilbo, executed and delivered to F. D. Ball an option to buy a 240-acre farm, at a price of $160 per acre. This option contract provided, in substance, that the remnant of the purchase price over and above three certain mortgages upon the farm shoiild be paid to the defendant Iowa State Savings Bank, upon certain indebtedness of Bilbo to said bank. This option was allowed…