Argo Oil Corporation v. Lathrop

This is the second appeal in this case. The opinion on the former appeal is reported in 76 S.D. 70, 72 N.W.2d 431. The record shows that on August 28, 1935, E. T. McDonald, the owner of seven quarter sections of land in Pennington County, South Dakota, conveyed the land by warranty deed to the State of South Dakota. The deed recites that conveyance was made “Subject to a mortgage to the State of South Dakota as security for the payment of the principal sum of $5000 and interest thereon * * *; which said mortgage is not merged with the title hereby conveyed, but is specifically preserved as a…