Federal Land Bank v. Parks

The Federal Land Bank of Baltimore loaned William P. Goffigan the sum of $10,000 and required him to secure the loan by executing a mortgage upon 146 acres of land, more or less, lying in Accomac county. Default was made in payment of the obligation by Mr. Goffigan, and the bank instituted a suit to enforce the mortgage by foreclosure and sale of the property.

Under the mortgage it was agreed that as long as Mr. Goffigan performed the obligation, terms and conditions therein contained he should have possession of the property, but if he failed in those respects or made default in paying the…