Curtis v. Thaxter

This is an action to recover upon a promissory note and to foreclose the mortgage securing it, default having been made in the payment of both principal and interest. The terms of the note, so far as here material, are as follows: “ ... I promise to pay . . . three thousand . . . dollars with interest from date until paid, at the rate of twelve per cent per annum; payable quarterly. Should the interest not be so paid, it shall become a part of the principal, and thereafter bear like interest as the principal. ...” The answer admitted the principal indebtedness but denied any liability for…