Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1920-03-18
L. r. kEoPpEL FILES SUIT
AGAINST McALlsBURo
BANKING FIRMS.
JUDGMENT FOR stt,375
SOUGHT By PLAINTIFF
Also Asks Release OF $4,000 Mort.
cage on Real Estate and $4,000
Chattel Mortgage - Negotiated
Loans With McCal'sburg Bankers
Not Forthcoming, Says Petition.

ASklnS the cancelIhuon oi 'N'
mortgages. one for SCI, 900 on real es-
state. and another for $1,000 on chat
tells, and judgment for sll,315. L. r.
kocppel has filed suit in the district
court against the Security Invest
ment Company. of McCallsbury, the
security savings Bank, of McCalls-
burg, and y. II. Nelson. Nelson is
said to be the executive head of the
Two financial institutions, and all
three defendants are described as
he ing connected in their business af-
/ fairs and occupying the same bust
ness quarters.
The suit is the outgrowth Of nego-
tiations by kocppel to make loans OF
the defendants to consummate GER
tain realty transactions. from which
the plaintiff expected to receive
profit OF siI.375.
\ Was Heavy Land Buyer.
n'his petition koeppel states that
on Jan. 20 he was owner of Sl5 acres
Of land in Liberty township, and was
Indebted to the Security Savings
, Eank of McCallsburg in the sum OF
$1,000, maturing Feb. l, and secured
10y chattel mortgage on hogs ana
cattle on his farm. The farm. vii!
m estimated value of s9i.500. was
incumbered for s46.50l.3s
The plaintiff had contracted to
purchase considera BILE real estate as
follows: Farm of 24T acres in Lib
erty township, at a cost of 1900,
on which he had made a payment of
$1,000. and was to pay $50. 400 on
March |. the balance to be carried as
first mortgage: farm of leo acres
III Liberty township. at s272.5o an
acre, $4,000 paid. $4,000 due March
/. and balance TO be taken care of
with first lien on property; NJ. l..
Mundy farm of 240 acres, at $40 an
acre, $1,000 paid, $1,000 due March
l. and balance 10 De carried by mort
gage.
Expected to Make Profit.
From these purchases and resales
the plaintiff expected to enjoy prof
its totaIing sl7,375. The profits on
the several farms were to be as fol-
lows:
! On 2i7 acres, ss.115: on 100 acres,
$500: on 240 acres. $4,000.
/ The plaintiff was under necessity
! to borrow in cash, to make payment
on the farms, the following amounts:
ON pa acres, $50. 400 on 100 acres.
$4,000; on 240 acres. $4,000: bank
al
( al. $50 900. ~
The plaintiff alleges that he went
to the defendants TO make arrange
ments for loans. On Jan. 2, 1t is al
. legged. Nelson visited the plaintiff
and TOOK him to McCaiisburg for the
purpose of closing the loans. He was
required, so he alleges, to execute t.
I the Security Investment Company a
mortgage on the land he owns in the
sum OF $1,000. Of which $4,000 was
1 to pay the chattel mortgage and debt
10 the Security Savings Bank, the
balance to be preliminary security to
making the loans. the remainder OF
the necessary security to be in the
fern Of second and third mortgages
on the lands purchased.
chattel Mortgage Delivered.
The SCI 900 mortgage is alleged tc
have been executed and the plaintiff
given the ehattel mortgage, which
the defendants are alleged to have
agreed to release. On Jan. the
chattel mortgage is said TO have been
recorded.
On March Koeppel alleges that
he went to McCallsburg to demand
the loans but that the defendants re
fused to release or cancel the SELL
600 mortgage: refused to release the
$4,000 chattel mortgage. and refused
to make the loans.
AS a result of this refusal the
plaintiff alleges that he was dam
aged in the sum of s17,375. lost prof.
It's in the sum Of $4,000, alleged
wrongful incumbence against rea
estate, or a total Of $32,375.
He asks judgment for s11.375: re-
lease Of the chattel mortgage, thai
the $4,000 mortgage be Cancelled, Of
in the event the $4,000 mortgage
can not be surrendered, judgment
for s3s,375.