Morris v. Granger

MAUS, Judge.

In this declaratory judgment action the parties seek the construction of an installment note secured by a deed of trust. The printed portion of the note was in usual form, including a provision providing for acceleration in the event of default in the payment of any installment. In addition, there was typed on the face of the note the following phrase: “This note non-transfer-rable without written consent.” The plaintiff, holder of the note, contends this is a “due on sale” clause providing for acceleration of the note upon the sale of the real property securing the note. The…