Iowa Title & Loan Co. v. Clark

— On August 1, 1925, the defendants executed to Iowa Title & Loan Company a series of sixteen notes aggregating $15,000, and a mortgage upon 320 acres of land to secure same. Said mortgage contained the following provision:

“It is understood and agreed that the lien of each note is of equal grade; and in the event that the notes secured by this mortgage may he assigned to or owned by two or more persons, then the mortgagee herein shall hold said mortgage in trust for the owners of said notes, and may in its own name enforce the agreements herein; and any foreclosure shall be for the benefit of…