Sheneberger v. Union Central Life Insurance
Supreme Court of Iowa
'Appeal from Lyon District Court. — -Hon. Joi-in E. Oliver, Judge. The plaintiff’s decedent, in 1896, executed to defendant a note of $5,000, payable 10 years from date, and secured it by a mortgage on his farm. In 1899 he obtained a loan on the same land from another, and tendered of the proceeds thereof to the defendant sufficient in amount to satisfy its mortgage. The latter refused payment, and cancellation of such mortgage is sought in this suit.
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'Appeal from Lyon District Court. — -Hon. Joi-in E. Oliver, Judge. The plaintiff’s decedent, in 1896, executed to defendant a note of $5,000, payable 10 years from date, and secured it by a mortgage on his farm. In 1899 he obtained a loan on the same land from another, and tendered of the proceeds thereof to the defendant sufficient in amount to satisfy its mortgage. The latter refused payment, and cancellation of such mortgage is sought in this suit. Relief was denied, and plaintiff appeals.
1Opinion of the CourtLadd, J.
1 *5802 *579The note, but for certain provisions, might not be paid before its maturity in 1906. These may be set out: “This note is executed upon the condition that partial payments in any amount at any time after one year will be received, and that the interest will be rebated from the date of such payments. This condition is waived, provided the matured indebtedness has not been paid as agreed, the maker’s total indebtedness is not being reduced, or provided the money tendered is borrowed in whole or part elsewhere.” The appellant contends that the limitation of the privilege to make payment before…
2Cases cited3 opinions
- Bonnot Co. v. Newman Bros.Supreme Court of Iowa · 1899
- County of Des Moines v. Hinkley & NorrisSupreme Court of Iowa · 1883
- Kelsey v. ChamberlainMichigan Supreme Court · 1881
3Cited by3 opinions
- Ballard-Hassett Co. v. City of Des MoinesSupreme Court of Iowa · 1928
- Lasher v. Union Central Life InsuranceSupreme Court of Iowa · 1901
- Ballard-Hassett Co. v. City of Des MoinesSupreme Court of Iowa · 1928