Federal Land Bank v. Branscomb

Thé case made by the record is briefly this: A mortgage was given, upon lands to secure an indebtedness evidenced by a negotiable promissory note. The-mortgagee, for value and before maturity, assigned the note to a holder in due course.. After the maturity of the note, and without! payment of same, the mortgagee entered sab isfaction of the mortgage upon the-record thereof. Thereafter the mortgagor executed to a third person a mortgage to secure a loan. This second mortgagee had no notice of the assignment of the former mortgage note, nor that it was still outstanding. No written* assignment…