Pass v. . Wright Pass v. . Shine
Supreme Court of North Carolina
This is a civil actior instituted to foreclose a mortgage, tried at August Term, 1893, of the Superior Court of Duplin County, before Bryan, J., a jury trial being waived.
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This is a civil actior instituted to foreclose a mortgage, tried at August Term, 1893, of the Superior Court of Duplin County, before Bryan, J., a jury trial being waived. It was admitted that the defendant executed and delivered to the plaintiff on the 1st day of December, 1882, the note declared on, a copy of which is as follows: $874.45. Six months after date, for value received, we promise to pay Mary E. Pass, administratrix of James C. Pass, or order, the sum of eight hundred and seventy-four dollars and forty-five cents, with interest from date, and secured by mortgage deed on land…
1Opinion of the Court
Avery, J.:
The defendant might have lawfully agreed by the terms of the note itself to pay interest at the rate of eight per cent, from the date of its execution. By failing to specify a higher rate he, in contemplation of law, intended that the debt should bear only six per cent, interest until maturity. To secure this debt he executed a deed conveying his own land, in which his wife (now dead) joined. The action is brought against James F. Shine only, to foreclose the mortgage after default in the payment of the note. We can conceive of no reason why the defendant could not lawfully contract…
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