Grady v. First State Security Co.

Taylor, C.

The defendant was the owner of a business and apartment building in the city of Moorhead which was subject to a first mortgage of $70,000 and a second mortgage of $52,530.61. The holders of the second mortgage foreclosed it by action, and at the sale held September 5, 1928, bid in the property for the sum of $40,227.50. They obtained a deficiency judgment in the sum of $21,006.16 for -the balance due. In June, 1929, they made an application to the court for the appointment of a receiver to take charge of the property and collect the rentals therefrom. They alleged as the ground…