First National Bank v. Gurnett

The defendants were joint grantees in a deed of conveyance of certain land. By. .the terms of such deed they assumed and agreed .to pay, as a part of the consideration, mortgages on the land conveyed, to the amount of $19,000. One of the. mqr.tga.ges so assumed was for $12,000, and was owned by the plaintiff. Upon the foreclosure of plaintiff’s mortgage, the security ivas appropriated, leaving a deficiency of approximately $2,000. To recover the amount of such deficiency, this action Avas brought. The case is closely related to that of First Nat. Bank v. McDonough, 205 Iowa 1329. The mortgage…