State Bank of Reynolds v. First National Bank of Reynolds

In October, 1919, the defendant, Wester, gave to the plaintiff his note for $7,500, payable in October, 1929, with 6 per cent annual interest, evidenced by coupons. The note was secured by a real estate mortgage executed concurrently therewith. Both the note and the mortgage provided that if default were made in the payment of interest the whole of the principal and the accrued interest would, at the option of the creditor, become at once due and payable without *614notice to tbe mortgagor. The mortgagor defaulted in the payment of interest on October 10, 1920, and again on October 10, 1921. In…