69 Iowa 83 | Iowa | 1886
The material facts in the case are -as follows: In June, 1874, the defendant was the owner of certain real estate. He borrowed $167 of the school fund, and secured the payment of the same by a mortgage on his land. On the first day of February, 1876, he borrowed $250 of one Thomas, for which he gave the note in suit in this actiou, and secured the same by a second mortgage on said real estate. In March, 1876, the defendant sold the land to one Guile, and conveyed the same by warranty deed, except as to said mortgages, which were both excepted from the covenants in the deed, and the money they were given to secure was deducted from the consideration paid for the land; and Guile, by an oral agreement, assumed the payment of the mortgages as part of the purchase price of the land. In pursuance of this agreement Guile paid the interest on the note in suit for several years. After Guile purchased the land he made a mortgage thereon to Thompson & Triplett, to secure the payment of $489. All of the mortgages were duly recorded. After purchasing the last mortgage, the plaintiff foreclosed the same without making the defendant herein or Thomas, the holder of the second mortgage, parties to the suit. The plaintiff became the purchaser at the foreclosure sale, and his bid was the amount of the last mortgage, and costs. The land was then and is now of the value of from $1,200 to $1,500. After plaintiff became the owner under the foreclosure, and after the note in suit became due, he purchased the same from Thomas, and seeks, by this action, to recover a personal judgment against the defendant.
The evidence shows quite satisfactorily that when the plaintiff purchased the note and .mortgage of Thompson <fc
The decree of the circuit court is
Affirmed.