Federal Land Bank v. Bailey

The opinion of the court was delivered by

Dawson, C. J.:

This was an action to foreclose a first mortgage lien on an Osage county farm. The defendants were the mortgagors and their grantee, and the holder of the second mortgage was impleaded. This appeal is limited to a review of the trial court’s judgment that the grantee of the farm had assumed the mortgages in a contract of exchange therefor.

The material facts were these: Defendants Bailey and wife owned a farm near Lyndon. The plaintiff bank held a first mortgage on it to secure $3,000 which they had borrowed in 1933. The defendant mortgage…