Farm Credit Bank of Columbia v. Van Dorp

WYNN, Judge.

On 15 August 1975, the defendants borrowed $208,000 from the Federal Land Bank of Columbia, of which the plaintiff is sue-*760cessor by merger. This debt was evidenced by a note and secured by a deed of trust dated 15 August 1975. On 18 January 1983, the defendants borrowed an additional $247,000 from the plaintiff, evidenced by a note indicating that it was secured by the security instrument of 15 August 1975.

Prior to the first loan, the collateral described in the deed of trust was appraised at $493,000; prior to the second loan, $865,000. On 18 January 1983, the combined unpaid…