First Trust Co. v. Calumet Silver Black Fox Ranch

Plaintiff brought this action at law to recover $4,000 and interest from defendant on its promise to pay a note and mortgage for that amount in consideration of a reduction in the rate of interest, and the extension of the time of payment specified in the note. The note and mortgage had been given by defendant’s predecessor in title to certain *279Minnesota land, which was subject to the mortgage when purchased by defendant. Previously in defendant’s contract for the purchase of the land, and again in the deed, which was subsequently delivered to defendant, it had also assumed and agreed to pay…