McRae v. Federal Land Bank

1. It is competent for parties to a promissory note to provide that in case default is made in the payment of any installment of principal or interest when due, or in the payment, when due, of the taxes on the property by which the note is secured, the whole amount, both principal and interest, shall at once become due and payable, or to provide that in such event the whole amount, both principal and interest, may, at the option of the holder of the note, become at once due and payable.

2. Where the instrument does not provide that in case of default the amount remaining due thereon shall at…