Lewis v. . Nunn
Supreme Court of North Carolina
Appeal by defendant from Bond,, J., at tbe June Term, 1921, of LeNOIE. Tbe action is by pnrcbaser of land at foreclosure by sale of trustee under a deed to secure four several promissory notes, maturing: $75, on 1 November, 1918; $200, on 1 November, 1919; $200, on 1 November, 1920; $600, on 1 November, 1921; and witb a stipulation tbat on failure to pay tbe notes and interest on either of tbem or any part thereof when due, then “all tbe amounts due in said bonds shall…
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Appeal by defendant from Bond,, J., at tbe June Term, 1921, of LeNOIE. Tbe action is by pnrcbaser of land at foreclosure by sale of trustee under a deed to secure four several promissory notes, maturing: $75, on 1 November, 1918; $200, on 1 November, 1919; $200, on 1 November, 1920; $600, on 1 November, 1921; and witb a stipulation tbat on failure to pay tbe notes and interest on either of tbem or any part thereof when due, then “all tbe amounts due in said bonds shall immediately become due and payable.” There was default in payment of first note and interest, and on due advertisement,…
1Opinion of the CourtHoKE, J.
This cause was before us on a former appeal, and will be found reported in 180 N. C., 159. On questions more directly relevant to the present trial, it was held there:
“1. That the mere promise of the mortgagee to extend the time to the mortgagor for the payment of the mortgage note without more has no legal consideration and is unenforceable.
“2. Where several notes secured by mortgage are in series, and due at different dates, with, provision that upon default in payment of one, all shall become due and payable with interest, after such default in the payment of the note first becoming 'due,…
2Cases cited3 opinions
- Lewis v. . NunnSupreme Court of North Carolina · 1920
- North Carolina Public Service Co. v. Southern Power Co.Supreme Court of North Carolina · 1921
- Bizzell v. . RobertsSupreme Court of North Carolina · 1911
3Cited by1 opinion
- Pettitt v. Atlantic Coast Line RailroadSupreme Court of North Carolina · 1923