Boyce v. Farmers' Mutual Insurance

Sometime in the year 1919, the intervener-appellee, Alvin Treloar, sold to one Arthur McCabe 240 acres of land in Story County. It appears that the purchase price was $84,000. Part of that consideration seems to have been paid in cash, and McCabe handled the balance thereof by assuming a $45,000 mortgage then on the land, and giving to appellee a second mortgage in the sum of $5,000. Subsequently, when those indebtednesses matured, McCabe could not raise $50,000 in cash, and therefore, in 1923, he called upon appellee for assistance in refinancing. Appellee consented to lend aid in this…