Bank of San Luis Obispo v. Johnson
California Supreme Court
Appeal from the District Court of the First Judicial District, San Luis Obispo County. The action was brought to foreclose a mortgage given to secure the payment of a promissory note executed by the defendant, as follows: “15,000. San Luis Obispo, Feb. 3rd, 1875. “Two years after date, without grace, for value received in , gold coin of the Government of the United States, I promise to pay to the order of the Bank of San Luis Obispo, at the Bank of San Luis Obispo, in San…
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Appeal from the District Court of the First Judicial District, San Luis Obispo County. The action was brought to foreclose a mortgage given to secure the payment of a promissory note executed by the defendant, as follows: “15,000. San Luis Obispo, Feb. 3rd, 1875. “Two years after date, without grace, for value received in , gold coin of the Government of the United States, I promise to pay to the order of the Bank of San Luis Obispo, at the Bank of San Luis Obispo, in San Luis Obispo, five thousand dollars, with interest thereon at the rate of one per cent, per month, payable monthly from the…
1Opinion of the Court
By the Court :
“ In case of default by the mortgagor in the payment of said note or interest, or in the performance of any of the conditions hereof, then the mortgagee may at its option either commence proceedings to foreclose this mortgage in the usual manner, or cause the said premises or any part thereof to be sold,” etc., is the phraseology of the mortgage ; but we find nothing in these words which, by fair intendment, gives countenance to the idea that by the mere failure of the defendant to pay the stipulated *102interest accruing monthly upon the debt, the principal sum should become due.…
2Cited by6 opinions
- Byrne v. HoagCalifornia Supreme Court · 1897
- Brickell v. BatchelderCalifornia Supreme Court · 1882
- Cooper v. Island Realty Co.Hawaii Supreme Court · 1904
- San Gabriel Valley Bank v. Lake View Town Co.California Supreme Court · 1906
- Collerd v. HusonNew Jersey Court of Chancery · 1881
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