45-905. DEFEASANCE MAY BE SHOWN BY PAROL. The fact that a transfer was made subject to defeasance on a condition may, for the purpose of showing such transfer to be a mortgage, be proved (except as against a trustee under any trust deed or transfer in trust, or a subsequent purchaser or encumbrancer for value and without notice), though the fact does not appear by the terms of the instrument.
History:
[(45-905) R.S., sec. 3354; reen. R.C. & C.L., sec. 3392; C.S., sec. 6359; I.C.A., sec. 44-805; am. 1957, ch. 181, sec. 19, p. 345.]