Benedict v. Gammon Theological Seminary

In 1895 Benedict borrowed from the Gammon Theological Seminary, which will be called hereinafter the Seminary, the sum of $2,500, and in order to secure the payment thereof he gave a note for that amount, payable five years after date, with interest payable in semi-annual installments evidenced by certain coupons attached to the note; he also made a deed to the Seminary to secure the note, and took a bond for title to insure a reconveyance when the note was paid. In 1896, two of the coupons being past due and unpaid, the Seminary elected to treat the whole debt as due, and entered suit for…