Etz v. Perlman

Complainants sue to foreclose a mortgage given to secure bond to pay $17,000 in three years, which have not yet expired. The bond provides for acceleration of maturity for default in payment of interest or taxes. The issue is as to whether or not complainant has proved such default.

The provision of the bond is that if —

"any tax * * * be hereafter imposed * * * [upon the mortgaged premises] * * * and become due and payable * * * and remain unpaid and in arrears for the space of sixty days,"

then the principal sum shall become immediately due and payable.

The facts are not in dispute. Taxes for…