Davis v. Landis

On December 20, 1941, appellants were in possession of certain real estate in Blackford County, Indiana, which they were buying on contract. On that date they borrowed $1300 from appellee. They gave appellee a promissory note in the usual form, due in thirty days, and for the purpose of securing the debt assigned to him their real estate contract. The assignment provided that if the debt should not be paid at maturity the contract should become the absolute property of appellee upon service of notice by him upon appellants and delivery to them of their note duly can-celled. The note was not…