DENISON, Circuit Judge.
The plaintiff below, appellee here, brought suit at law as the holder of a promissory note for $18,000, dated September 1, 1926, due in ten years, with interest payable semiannually. The note embodied this paragraph: "This note is secured by a trust deed of even date herewith, made to Ernest F. Smith, Trustee, on real estate situated. * * * The Trustee may, or shall, in case of any default in the terms of the said trust deed herein referred...
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