Whitehead v. . Morrill
Supreme Court of North Carolina
This was a civil action', heard and determined before Boykin, J, at June Term, 1890, of Pitt Superior Court. On the 31st day of January, 1885, plaintiff sold and conveyed to defendant a certain tract of land in the county of Pitt, for which defendant promised and contracted to pay the plaintiff $12,500, which was evidenced by twelve bonds under seal for $1,000 each (except the last one to mature, which was for $1,500), which bonds were due and payable January 1st, 1886, ’87,…
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This was a civil action', heard and determined before Boykin, J, at June Term, 1890, of Pitt Superior Court. On the 31st day of January, 1885, plaintiff sold and conveyed to defendant a certain tract of land in the county of Pitt, for which defendant promised and contracted to pay the plaintiff $12,500, which was evidenced by twelve bonds under seal for $1,000 each (except the last one to mature, which was for $1,500), which bonds were due and payable January 1st, 1886, ’87, ’88, and so on to January 1st, 1896. To secure the payment of these several bonds, the defendant executed, on the said…
1Opinion of the Court
ClaRK, J.:
By the terms of the mortgage from L. Y. Mor-rill to William Whitehead, it was provided that, upon default in the payment of any of the bonds at maturity, the property therein conveyed could be sold by the mortgagee, after advertisement at the court-house door, for cash or credit, and that the proceeds should be applied “ first to the costs and charges of drawing and executing this instrument; and, second, to the payment of the entire indebtedness of the said L. V. Morrill to the said -William Whitehead, with the interest thereon, whether the whole thereof be due or not.” The three…
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