Winters v. Federal Land Bank

Final decree affirmed with costs to Federal Land Bank of Springfield. Winters and his wife executed a note for $15,600 secured by a statutory power of sale mortgage upon land in Barre, and, as part of the transaction, bought $780 of stock in the mortgagee land bank. This was held “as collateral security for the loan.” See 12 U. S. C. § 733 (1958, and Supp. IV, 1962). The mortgagors became delinquent in making payments. At the time of foreclosure, “after giving [proper] credit for stock, the amount due ... [to the] bank . . . was $17,167.37.” On September 20, 1960, the bank purchased the…