Chase v. Whitten

In September, 1890, plaintiffs executed to defend- ■ ant’s assignor a promissory note and a collateral real-estate mortgage for $1,925, payable in five years, with interest at 7 per cent, per •annum, payable semiannually, but providing that, if interest was not paid when due, the principal should become due immediately, and bear interest at 10 per cent, per annum after maturity. In August, 1891, the defendant, claiming that there had been a default in the payment of interest, foreclosed the mortgage under a power, and himself became the purchaser at the sale. Thereafter the plaintiffs brought…