Thornton v. Farmers & Merchants National Bank

Begley, District Judge.

This is an action of foreclosure wherein, after mortgaged property had been sold, application was made for a deficiency judgment against the maker and indorsers of the note. The evidence discloses that previous to July 19, 1922, the Farmers & Merchants National Bank of Fair-bury, Nebraska, held some unsecured obligations of the then owner of the land in question, and in order to satisfy *356same it caused a sale to be made from said owner to one George C. Light, for a consideration of $12,000. Light received a deed to the premises and raised the purchase price by giving a…