Federal Land Bank v. Farmers & Merchants Bank

In October, 1935, W. J. Estes, a resident of Coweta County, obtained a loan of $7000 from Federal Land Bank of Columbia, and secured the same by a deed to 634 acres of land in Meriwether County. At this time there was an outstanding security deed in favor of another person to 115 acres of the land, and the bank lost its security as to this part of the tract. The in*506debtedness to the bank was not paid at maturity, and the remaining portion of the land, 509 acres, was sold by the bank under a power of sale contained in its security deed. This sale occurred on November 5, 1929. The bank became…