First National Bank v. Schruben

The opinion of the court was delivered by

Dawson, J.:

This appeal presents the question whether a promissory note on which a judgment was recovered for part of its face value may be assigned to another holder and a further recovery be obtained thereon in behalf of such later assignee, under circumstances which may be briefly stated as follows:

Some time prior to April 27, 1921, W. H. Schruben, a Sheridan county farmer, purchased 70 acres of land in Florida near Lake Okechobee at $200 per acre. He paid half the purchase price and gave his note for $7,000 secured by a second mortgage on 480 acres…