James Valley Bank v. Nicholas

This proceeding is brought to hane a deficiency judgment vacated. The record discloses the following facts: That on December i, 1919, appellants gave to the Guaranty 'State Bank of Ree Heights, S. D., a promissory note for $6,000, secured by a mortgage on certain land in Hand county, S D.; said mortgage being subject to a prior loan made by the state of South Dakota in the amount of $10,000 upon the same premises. Said note provided for interest at the rate of 10 per cent, and further provided that the principal and interest, if not paid when due, should 'bear interest at 12 per cent. Said…