Meredith v. Long

This is an appeal from a decree of foreclosure. The bill was filed May 21, 1926. The appellants had purchased the property on contract shortly subsequent to the time the mortgage was made and subject to such mortgage. The note was secured by the mortgage, was for $3,000.00, dated June 20, 1924, due three years after date, and bore interest at 8 per cent, payable semi-anually. The mortgage provided that upon default in the payment of interest the whole amount of principal and interest should, at the option of the mortgagee, at once become due and payable. The bill alleged that no interest had…