Tiernan Realty Co. v. Title Guarantee & Trust Co.

This is an action for a declaratory judgment. Briefly; the following are the facts giving rise to the action:

In 1924 plaintiff’s predecessor in title executed to the Title Guarantee and Trust Company a bond and mortgage in the sum of $80,000. They provided for the semi-annual payment of interest at six per cent, for semi-annual amortization payments of $1,000 and for the payment of the balance of the principal on December 1, 1929. Thereafter, on September 27, 1937,. plaintiff and the then holders of the bond and mortgage entered into an extension agreement pursuant to which the time for the…