Crone v. Johnson

George Kose Smith, Justice.

This is a suit brought by the appellee, Florence Y. Johnson, to foreclose a purchase-money mortgage on the Cardinal Motel in Fort Smith. The principal question is whether the chancellor was right in holding that the circumstances attending the debtor’s default in the payment of two monthly installments were such as to entitle the mortgagee to declare the entire debt immediately due and payable. We have concluded that the attempted acceleration of the indebtedness should not have been permitted.

On January 9, 1964, Mrs. Johnson sold the motel to the appellant’s…