Gates v. Armstrong

This was a suit by the appellant, Gates, as the owner and holder of two notes, one secured by a first mortgage on land of Armstrong and land of S. J. Ketchum, the other secured by second mortgage on the same land of Armstrong, to foreclose both mortgages. The first mortgage note was signed by Armstrong arid Ketchum, the latter being in fact an accommodation maker; the second mortgage note was signed by Armstrong alone. The issues arise between the equities of Ketchum as surety for Armstrong and the rights and interests of Gates as a junior encumbrancer. The facts of the ease are virtually…