Putman Realty & Auction, Inc. v. Bailes

A jury found that a mortgagee, who had accepted late payments from the original mortgagors, was not estopped to demand payments on time from the mortgagors' grantee, and was not estopped to foreclose under the terms of the mortgage. We affirm.

In 1971, Minnie Bailes conveyed to Annie Sue J. Smith certain real property and received back from Mrs. Smith and her husband, Robert Smith, a promissory note in the amount of $24,000, and a mortgage on the property to secure payment of the note.

Under the terms of the instruments, payments on the note were due on the first of every month; however, the…