Farmers & Merchants Bank v. Daiker

The notes sued upon are three in number; two of them being each for the principal sum of $1,000, and the third for the principal sum of $1,500. They all bear date July 5, 1909, and fall due July 5, 1912. Each provides for interest at the rate of 8 percent, payable annually, and that a failure to pay any of said interest-within five days after due shall, at the option of said obligee or his legal representatives, cause the whole note to become due and collectible at once without notice.” This action was begun October 8, 1910; the petition alleging that defendants had defaulted in the payment…