Domeyer v. O'Connell

The question involved in this case concerns the distribution of the proceeds of a sale of mortgaged property where such proceeds are not sufficient to pay all notes executed with the mortgage.

Dora and John Wetzel executed- to the First Trust and Savings Bank of Sterling thirty-two promissory notes aggregating $35,000, bearing the same maturity date, and secured them by a mortgage deed to the bank. Neither the notes nor mortgage contained any parity clause as to payment. Prior to their maturity all except $6000 of the notes were sold and assigned by the bank to various assignees who are…