Keene Five Cent Sav. Bank v. Reid
Court of Appeals for the Eighth Circuit
Appeals from the Circuit Court of the United States for the District of Kansas. This action was brought by the Keene Five Cent Savings Bank, a New Hampshire corporation, the appellant in case.No. 1,795, and one of the appellees in case No. 1,796, to foreclose a mortgage on lands situated in Marshall county, Kan. The bill alleged, in substance, that Gavin Reid and Elmira Reid on October 14, 1886, executed a note in favor of Fanny TJ.
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Appeals from the Circuit Court of the United States for the District of Kansas. This action was brought by the Keene Five Cent Savings Bank, a New Hampshire corporation, the appellant in case.No. 1,795, and one of the appellees in case No. 1,796, to foreclose a mortgage on lands situated in Marshall county, Kan. The bill alleged, in substance, that Gavin Reid and Elmira Reid on October 14, 1886, executed a note in favor of Fanny TJ. Warden in the sum of $6,000, payable 20 years after date, with 20 interest coupons, for $420 each, thereto attached, and that as security therefor they executed…
1Opinion of the CourtThayer, Circuit Judge
The question to be determined on these appeals is whether the principal note, secured by the mortgage, together with the accrued interest thereon, became due and payable as soon as there was a failure to pay any one of the interest coupons, so that the statute of limitations began to run at the date of the default as against the entire indebtedness, without any affirmative action on the part of the holder of the notes, and even against its express will and consent. This question arises in the following manner: In the principal note this clause is found:
“It is expressly declared and agreed…
2Cases cited20 opinions
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