Thomas v. Fidelity Mut. Life Ins. Co.

On January 1,1924, M. S. Thomas and wife gave a deed of trust to appellee insurance company to secure the payment of four notes, due respectively on January 1, 1926, 1927, 1928, and 1929. None of the notes was paid in whole or in part, and the deed of trust was foreclosed by trustee’s sale on De'cember 17, 1932.

The trust deed contained an acceleration clause reading as follows: “If the parties of the first part fail to pay any portion of the indebtedness hereby secured, either principal or interest, as the same shall fall due . . . the owner or holder of the same may declare all of the…