` 16 xmnmur. amronrnn.
November 21, 1873, he conveyed it, by deed absolute in form, to Peter
Wolford. This conveyance was in fact simply as security for debts due
from Mendenhall to Wolford, amounting. to $12,000 or thereabouts. It
was duly recorded December 8, 1873. On December 14, 1875, Wol-
ford, to secure a loan of $12,,500. then made by defendant Pond to
Mendenhall, executed to said Pond a warranty deed of the land. This
loan was evidenced by the note of Mendenhall for $12,500, bearing date
December 14, 1875, payable nveyears after date, with interest at the
rate of 12 per cent.. per annum, payable semi-annually, Atthe time of
receiving the deed, and as part of the same transaction, and by the di-
rection of Mendenhall confirmed by Wolford, Pond executed a bond, for
gwdeedé of the land, to Cyrus Beede, as obligee, conditioned for a con-
vey.ance,of theland to Beede jupqa paymentof$12,500 and interest,
‘ abcerding to the terms of Mendenhall?s note, and that, indefault of such
payment, the bond should be void, and time was expressly declared to
be   the essence of the contract.  parties to the transaction intended
,that;`_this deed and bond should operateas a mortgage, and theywere
` recorded together as a mortgage on December 18, 1875. t_ Default hav-
ing been made in the payment of interest, Pond proceeded to foreclose
thi`S"1mortgage,· making7Beede andhis wife sole parties defendant. In .
fact, two foreclosure suits were P1'OSeouted, upon the happening of suc-
cessiveadefaults in payment of interest. Service was had in each by
publication, default entered, and each passed to decree, sale, confirma-
tion', and deed, * These suits were ycommenced March 14, 1877, and
July .5, 1877, respectively. , Sale in the first suit was had July 7, 1877,
and in thesecond, November 10, 1877. On January 21, 1874, P Van
V Vélkenburg at al. recovered a judgment in this court against Mendenhall
_ for $4,605.39. In July, 1876, this judgment was sold and assigned to
Cyrus Beede. On July 18, 1876, execution was issued thereon, and
the property in controversy, as well as several hundred other lots and
tracts in Minnesota, were levied upon as the property of Mendenhall.
All this property wassold by the marshal under this execution on Sep-
Wmber 28, 1876, and bid in by one Byron M. Smith at a mere nominal
price, (the tract in controversy selling for $250,) in his own name, buts
really as the agent for Beede. `No money was in fact paid, but simply
{al credit given on the judgment. Deeds were made to Smith, and on
January 8,. 1877, Smith deeded to Beede. On September 14, 1881,
Beede conveyed the premises to    McNair; May 8, 1884, McNair
conveyed to Samuel M. Smith; and June 20, 1884, Smith conveyed to
plaintiff. On November 29, 1884, Peter Wolford also conveyed*the
land to plaintiff. The last conveyance was made after the commence-
ment of this suit, and the fact is brought into the case by stipulation.
_j,,,Now,~··upon theseifactsylivremark,tin the first place, that at the time
,of,the two foreclosure suits.»Beede held the entire equity of redemption.
_,,All rights, title, gandinterest in the _._, property other 7, than those of Pond,
the mortgagee, were centered and vested in him. It is true, Beede testi-
jiss that the bond executed by Ponduto him was never delivered, and -
that he had no knowledge of its existence until after the commencement