Federal Land Bank v. Schley

An application was made by the defendants, Emma Wegner Schley and her husband, Albert W. Schley, to the plaintiff for a loan and offered certain real estate as security. The application received favorable consideration and thereafter a promissory note was signed, executed, and delivered in the sum of $3,200 by the defendants to the plaintiff. A real estate mortgage on certain real property in Edmunds County, South Dakota, was signed, executed, and delivered, contemporaneously, therewith, as security for the payment of said promissory note.

Upon default in payment of instalments on said note,…