Nissen v. Obde

This is an action on a negotiable promissory note. On November 23, 1954, the appellants, Fred Obde and his wife, executed and delivered the note in question to Robert M. Schlemeyer in part payment for a certain apartment house. The note was secured by a mortgage on certain other realty. On March 23, 1955, the appellants notified Mr. Schlemeyer that they had discovered the apartment house to be infested with termites; therefore, they intended to make no further payments on the contract of purchase, but on the contrary would sue either for rescission of the contract or for damages. On April 25,…