Federal Land Bank of Omaha v. Carlson

I would affirm.

Agnes M. Carlson, mother, sold her ranch to her son, L. Melford Carlson and his wife. The property was sold under a contract for deed for a price of $295,000.00. After the down payment was made, the balance due mother was $269,000.00 with interest at the rate of six percent per an-num. Thereafter, the son and his wife mortgaged the property to the Federal Land Bank of Omaha. The mortgage was given to secure a promissory note of even date executed by the son and his wife in the principal sum of $267,000.00 with interest. The mother executed a subordination agreement which…