122 Iowa 448 | Iowa | 1904
Tbe defendant borrowed from plaintiff tbe sum of $650, and secured tbe repayment of tbe loan by a lien upon a tract of town property owned by her. In effecting this transaction, tbe defendant, instead of giving- a mortgage in tbe ordinary form, executed and delivered to plaintiff a warranty deed of tbe premises, and received tbe plaintiff’s written agreement to reconvey tbe same upon payment of tbe debt according to tbe terms incorporated in tbe writing. At tbe date of tbe conveyance and contract to reconvey there existed a prior duly recorded mortgage upon tbe same premises, held by a building- and loan association, for about $800, subject to certain credits for installments paid. Tbe subject of this mortgage was mentioned, and defendant undertook to keep up tbe payments thereon as they should fall due. Thereafter the.plaintiff paid to tbe building and. loan association tbe amount due on tbe prior mortgage, and procured the cancellation of tbe lien of record. Later be took possession of the property, or of some part of it, and excluded tbe defendant therefrom. He afterward began this action to reinstate the prior mortgage and to be subrogated to tbe lien thereof, and also asked a decree foreclosing both mortgages. Defendant resists the granting of the relief asked, and insists that tbe payment by plain tiff to the building and loan association was
I We think it unnecessary to go into a review of the testimony. In our judgment, the findings of the trial court upon the facts are abundantly sustained. There is, it is true,
IL Much stress is laid by appellant upon the fact that plaintiff caused or permitted the prior mortgage to be canceled of record. This is not a controlling circumstance. No
The decree entered below works equity between the parties, and is affiemed.