Buckman v. Hill Military Academy

On October 8, 1929, Hill Military Academy, an Oregon corporation, executed and delivered to Miss Elma Buckman its promissory note in the sum of $14,000, due five years after date and bearing interest at six per cent per annum, payable semi-annually. The note contained an acceleration clause giving the holder the option, upon default in due payment of the interest, to declare the whole indebtedness to be immediately due and collectible.

On or about June 10, 1935, Miss Buckman and Hill Military Academy executed an extension agree-' ment in writing, reading as follows:

“June 10, 1935

“Mr. Joseph A.…