Federal Farm Mortgage Corp. v. Hughes

This is an action at law commenced in the district court for Cuming county on a promissory note dated September 13, 1934. The note provided for payment of $2,300 and interest at the rate of 5 per cent, per annum on the unpaid debt, the principal being payable in 20 semi-annual instalments of $115 each, the first maturing January 1, 1938, and the last July 1, 1947, but all to become due and payable by election of the holder upon default in payment of interest or of any instalment.

The note on its face is payable to “Land Bank. Commissioner, acting pursuant to part 3 of the Act of Congress known…