Benton v. Morningside College

I. Appellant’s petition is in two counts, and the first count is in two divisions. The first division of Count 1 recites that, on March 1, 1916, C. W. Payne was the owner of a certain tract of land in Crawford County, Iowa, comprising approximately 280 acres; that on that date he sold the land to the appellant, who gave to Payne a note for $40,000, secured by a real estate mortgage on the land thus purchased. This mortgage was duly recorded. The mortgage, by its terms, was not due until 1931.

In May, 1916, Payne transferred the mortgage, by written assignment, for a recited consideration of…