First National Bank v. Gurnett

Evans, J. The defendants were joint grantees in a deed of conveyance of certain land. By. .the terms of such deed they assumed and agreed .to pay, as a part of the consideration, mortgages on the land conveyed, to the amount of $19,000. One of the. mqr.tga.ges so assumed was for $12,000, and was owned by the plaintiff. Upon the foreclosure of plaintiff’s mortgage, the security ivas appropriated, leaving a deficiency of approximately $2,000. To recover the amount of such deficiency, this action Avas brought. The case is closely related to that of First Nat. Bank v. McDonough, 205 Iowa 1329. The mortgage foreclosed in the. cited ease was one included in the same assumption clause and in the same deed as is im^olved herein. The mortgage in the case at bar was a first mortgage, Avhereas the mortgage in the cited case was junior thereto. Our holding in the cited case is *1291 decisive of the case at bar. Every question presented herein was ruled in the cited case. We have no occasion, therefore, for further discussion. Pursuant to our holding in that case, the judgment of the district court herein must be- reversed, and it is so ordered.—Reversed. Stevens, C. J., and Eaville, TCindig, and Wagner, 'JJ., concur.