Hale v. Gouverneur
New York Court of Chancery
Bill for foreclosure and sale. The case came up on the pleadings. The mortgage had been given on a wife’s property to the Merchants Marine Insurance Company, for securing a bond of the husband’s conditioned to pay the sum of twenty-five thousand dollars in five years from its date at the option of the said company at any time after three years, together with interest, and so that if any default should be made in the payment of the interest or any part thereof on any day…
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Bill for foreclosure and sale. The case came up on the pleadings. The mortgage had been given on a wife’s property to the Merchants Marine Insurance Company, for securing a bond of the husband’s conditioned to pay the sum of twenty-five thousand dollars in five years from its date at the option of the said company at any time after three years, together with interest, and so that if any default should be made in the payment of the interest or any part thereof on any day whenever the same was made payable, and the same should remain unpaid and in arrear for the space thirty days, then and from…
1Opinion of the Court
The Vice-Chancellor :
There is not sufficient ground on which to refuse a decree. The condition of the bond is very explicit, to render the whole of the principal sum pay*209able in case of default of punctual payment of interest. The court is bound to give effect to the bond according to the proviso in its condition: Noyes v. Clark, 7 Paige’s C. R. 179. The mortgage was given to secure the payment of the bond pursuant to its terms. The whole debt having become due, the court has no authority to compel the complainant to stay proceedings on payment of mere interest and costs. Whether the mortgage…
2Cited by7 opinions
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- Osborne v. NorrisNew York Supreme Court · 1894
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