Gallagher v. Clark

DEWEY, District Judge.

This cause came on for hearing at Des Moines,' Iowa, on the 17th day of May, 1934, on a suit to foreclose a real estate mortgage and the indebtedness of about $15,000, for which the mortgage was given as security, and the answer of the Knoxville Building Company, owner of the real estate, for an offset of the face value of $13,000' of bonds issued by the Chicago Joint Stock Land Bank.

The said Chicago Joint Stock Land Bank was organized July 25,1917, under the Federal Farm Loan Act of July 17, 1916 (see 12 USCA § 641 et seq.) with an original capital of $250,000 increased…