Lipsey v. Crosser

This action was instituted by plaintiff Lipsey, owner of certain real estate, and the Co-operative 'Company, holder of a second mortgage thereon, against defendant Crosser, assignee of a first mortgage on the premises, to vacate Crosser’s foreclosure of the first mortgage. Relevant facts may be gleaned from the record substantially as follows:

In 1926 one Christensen, who owned two adjoining town lots in Brookings, mortgaged the same to Horace Fishback to secure $150 due May 3, 1929, with interest at 8 per cent until maturity and 10 per cent thereafter. On August 25, 1926, Fishback assigned…