State Land Board v. Lee
Oregon Supreme Court
From Union: John W. Knowles, Judge. In Banc. Statement by Mr. Justice Harris. This is a suit to foreclose a note and mortgage given to tbe state land board by George H. Osborn and bis wife Mary E. Osborn. Tbe note is dated October 13, 1902) recites that it is for $700 “borrowed on account of the irreducible school fund,” bears interest at the rate of 6 per cent per annum, and by its express terms became due “one year after date.”
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From Union: John W. Knowles, Judge. In Banc. Statement by Mr. Justice Harris. This is a suit to foreclose a note and mortgage given to tbe state land board by George H. Osborn and bis wife Mary E. Osborn. Tbe note is dated October 13, 1902) recites that it is for $700 “borrowed on account of the irreducible school fund,” bears interest at the rate of 6 per cent per annum, and by its express terms became due “one year after date.” The note was secured by a mortgage on 480 acres of land in sections 10 and 15 of a designated township. No payments were made on the principal of the note. Payments…
1Opinion of the CourtJustice Harris
It is conceded that the payment of interest tolled the statute of limitations as against the note and that therefore the plaintiff is entitled to a judgment for whatever sums may be due on the note: Section 25, L. O. L. The defendants contend, however, that Chapter 304, Laws 1913, bars the plaintiff from enforcing the lien of the mortgage. The parties did not make any agreement of record extending the time for payment; more than 10 years expired from the date of the *434maturity of the note before the commencement of this suit; and hence the mortgage cannot be foreclosed if Chapter 304, Laws…
2Cases cited43 opinions
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- Davis v. GraySupreme Court of the United States · 1873
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3Cited by39 opinions
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- Evans v. FinleyOregon Supreme Court · 1941
- State Ex Rel. Commissioners of Land Office v. HallSupreme Court of Oklahoma · 1942
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