Illinois Joint Stock Land Bank v. Terry

Harvey G. Terry, one of the appellees, was the owner of 386 acres of farm land in Vermilion county, Illinois. On March 27, 1926, he and Libbie J. Terry, his wife, executed a mortgage on said land to secure the payment of a note in the principal sum of $33,000, payable to the order of appellant, the Illinois Joint Stock Land Bank of Monticello, a corporation. The note bore interest at the rate of 5% per cent per annum, payable semiannually, on the amortization plan. There had been a default in the payment of the instalments on the note and mortgage since October 1, 1931, and on December 30,…