Noyes v. Clark
New York Court of Chancery
Tras was an application to stay the proceedings in a foreclosure suit, upon payment of the interest due on the bond and mortgage. The bond and mortgage were given the 10th of February, 1835, conditioned to pay $800 five years from date, with annual interest thereon, at five per cent.
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Tras was an application to stay the proceedings in a foreclosure suit, upon payment of the interest due on the bond and mortgage. The bond and mortgage were given the 10th of February, 1835, conditioned to pay $800 five years from date, with annual interest thereon, at five per cent. The bond and mortgage also contained a condition that if default should be made in the payment of the interest, or any part thereof,- at the time it became due, the whole principal and interest should become due by reason of such default. H. L. Clark, the mortgagor, paid the interest for the years 1836 and 1837…
1Opinion of the Court
The Chancellor.
I think, from the petition of the defendant Clark, when taken in connection with the affidavit of the complainant, there can be very little doubt of a concerted plan between Hall and Roberts to deprive the mortgagor of the power of paying the interest, on the day when it became due, for the purpose of compelling him to pay the principal monies two years before the time of credit given by the condition of the bond and mortgage. The parties to the original agreement had an unquestionable right to make the extension of credit dependant upon the punctual payment of the interest at…
2Cited by41 opinions
- Graf v. Hope Building Corp.New York Court of Appeals · 1930
- Fifty States Management Corp. v. Pioneer Auto Parks, Inc.New York Court of Appeals · 1979
- Noyes v. . AndersonNew York Court of Appeals · 1891
- Moore v. SargentIndiana Supreme Court · 1887
- Murphy v. FoxSupreme Court of Oklahoma · 1955
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