Joseloff v. Berg

The reasons of demurrer filed, present the question whether the mortgage note in suit is negotiable.

Plaintiff’s contention that it is nonnegotiable is based on the fact that it contains two clauses, which, he maintains make it so. These are the following:

“(1) the makers hereof .... agree that .... if any payment of taxes, or of any assessments, or of in' sura nee premiums on said premises are not paid within a period of 30 days after any of the same become due and payable, then and thereupon, the entire balance of this note shall become immediately due and payable at the option of the holder…