Novosad v. Svrcek

The sole question presented in this suit is whether the renewal and extension of notes payable “on or before” a certain date, with no additional consideration being paid for the renewal and extension, is sufficient to toll the statute of limitations. The dispute between the parties arose as to the priority of liens held by them against certain tracts of land. The trial court held that because the extension agreements contained the term “on or before” and changed neither the amounts of the principal nor the interest rate of the original notes, and no additional consideration therefor was…