Ballenger v. Price

R. W. Price purchased a mortgage executed by J. A. Ballenger and wife on certain real estate to secure a large number of promissory notes (also duly indorsed) in the sum of $100 each, payable monthly on the 18th day of each month. The mortgage contained a provision, in effect, that upon failure to pay any one of said notes at maturity “the whole of said indebtedness shall at once become due and payable, and this mortgage be subject to foreclosure as now provided by law in case of past due mortgages.” The note due April 18,1928, not being paid at maturity, Price placed the mortgage in the…