Lackender v. Morrison

In March 1931, C. B. Russell and wife, Margaret, gave to an Iowa City bank their note for $5,000, together with a mortgage upon lot 7, block 27, in Iowa City, property owned by C. B. Russell. This mortgage was foreclosed and the property sold on special execution on April 16, 1936. The period of redemption was extended to June 7, 1937. On this last date the Russells negotiated a settlement with the receiver of the mortgagee bank, who held the sheriff’s certificate of purchase, under which the receiver accepted $3,000 in full for the rights of the mortgagee and certificate holder under the…