American Mortgage Co. v. White

OPINION OF THE COURT

BICKLEY, C. J.

J. C. Ballard was the owner and holder of a grazing-lease on state lands designated as lease No. 15,342.

He assigned this lease conditionally, and as collateral security to the El Paso Cattle Loan Company, to secure his indebtedness to said company. The appellee has succeeded to the rights of said El Paso Cattle Loan Company.

The assignment purports to transfer to the assignee “all of the assignor’s right, title and interest” in said lease, conditioned that, if Ballard paid his debt when due, the instrument should be null and void.

The assignment was consented…