Oliver, Wheeler, Thomas Co. v. Boon

This is a suit brought by the Oliver, Wheeler, Thomas Company, and its trustee, to foreclose a deed of trust securing a promissory note for $430. The defense is that the note represented part of the purchase price of a tractor, that the tractor was repossessed by the creditor, and that the act of repossession canceled the debt. Upon the pleadings and a stipulation of fact the chancellor sustained this defense and entered a decree by which the note and deed of trust were canceled.

On November 21, 1951, Felix Johnson and his wife bought a used tractor for $1,227.96. It may be inferred from the…