Iowa Loan & Trust Co. v. Seaman

On March 1, 1921, appellants executed fifteen $1,000 notes to, and payable at, the Farmers Trust Savings Bank of Bouton, securing the payment thereof by a second mortgage, 1. PRINCIPAL naming Gardiner and Arthurs, cashier and AND AGENT: president, respectively, of the bank, as authority of mortgagees upon a tract of 120 acres situated in agent: Boone County. The consideration for the notes apparent was a part of the purchase price of the authority to mortgaged premises which were conveyed to collect appellants by Gardiner subject to a prior collateral. mortgage thereon of $12,000 due July 1,…