164 N.W. 66 | S.D. | 1917
This action was ■ instituted for the purpose of foreclosing’ a real estate mortgage upon certain real estate. It is claimed by the plaintiff that on the nth day of March, 1914, the defendants executed and delivered to the First State Bank of McIntosh a promissory note for $1,200, due on the nth day of March, 1919, bearing interest until paid at the rate of 8 per cent, per annum, payable annually, and that said note bears interest
It is the contention of appellants that although the said note and mortgage were made to the First State Bank of McIntosh, as mortgagee, in truth and .in fact the said First State Bank of McIntosh was at all times the agent of the plaintiff, and that plaintiff was in fact, the original and real mortgagee instead of said1 bank; that said, bank at the time of the execution of said note and mortgage was the agent of plaintiff for the purpose of securing and making loans for plaintiff; that said bank, as such agent of plaintiff, agreed to make a loan for plaintiff to appellants, and that in pursuance of such agreement and not otherwise the appellants executed said note and mortgage; and that neither plaintiff, nor the said bank, as plaintiff’s agent, has ever at any time delivered to appellants the said sum so agreed to be loaned
The judgment and order appealed from are affirmed.