First Trust Joint Stock Land Bank v. Diercks

The following facts are undisputed: One Stuhlmiller purchased the real estate covered by the mortgage in question some years prior to the execution of this mortgage from one, Jennie Halkney, under a contract of purchase. Thereafter Stuhlmiller became heavily indebted to the First National Bank of Sioux Rapids, Iowa, and the bank took an assignment from Stuhlmiller of all his interest in this real estate contract. There was still due and owing to Jennie Halkney on this contract the sum of $7,000, which was a lien against this property, and any interest the First National Bank of Sioux Rapids…