Federal Land Bank of Omaha v. Mogck

The plaintiff, Federal Land Bank of Omaha, commenced this action against the defendant to- recover a deficiency resulting from the foreclosure of a mortgage on certain lands in Beadle County, South Dakota. At the time the mortgage loan was made there was issued to the defendant stock in the First National Farm Loan Association of Pluron to the extent of five per cent of the mortgage loan. This farm loan association was organized under the provisions of the Federal Farm Loan Act, 12 U. S. C. A., Chapter 7, S'ubehapter 1, § 641 et seq., and the stock in the First National Farm Loan Association…