Hedrick v. Stockgrowers' Credit Corporation

Nuessle, Ch. J.

On November 1, 1930, F. F. Butler executed and delivered to the defendant corporation a warranty deed to a tract of land in Bowman county. On the same date and as a part of this transaction, J. E. Phelan, president of the defendant corporation, executed and delivered to Butler a writing, herein designated as Exhibit C, wherein he recited that the deed in question “has been given as a trust deed to Stockgrowers Credit Corporation of Bowman, N. D., as security for any and all indebtedness of F. F. Butler to Stockgrowers Credit Corporation of Bowman, N. D., or J. E. Phelan; in…