Monona County Ex Rel. School Fund v. Waples

In 1920, Monona county made a loan of $2,500 from the permanent school fund of the State of Iowa to defendants, P. T. Waples and Josephine Waples. They executed a note for $2,500 payable to Monona county in trust for the school fund due in 5 years and to secure the note they executed a mortgage on their 40 acres in Monona county to the county of Monona and the State of Iowa. This school fund mortgage contained the following paragraph:

“And it is expressly agreed that this mortgage is made in accordance with and subject to all the provisions of an act of the Eighth General Assembly of the State…