Casper v. Regional Agricultural Credit Corp.

Peterson, Justice.

On April 12, 1933, plaintiff obtained from defendant a so-called “barnyard loan” in the sum of $3,000, due one year after date, secured by a chattel mortgage covering certain livestock, feed, roughage, farm machinery, and equipment. The mortgage contained a provision that the property was to remain in the mortgagor’s possession, but that if the mortgagee should at any time deem the debt insecure or fear diminution or waste of the mortgaged property it might declare the whole debt due and payable at once and take immediate possession of the property with right of entry on the…