Fairbairn v. Pofahl
Supreme Court of Arkansas
Appeal from Pulaski Chancery Court; John E. Mar-tine.au, Chancellor ; 1. The contract in this case created a mortgage in equity. 85 Ark. 211; 66 Id. 170. 2. The precipitating or accelerating clause is binding on the parties and valid. 73 Ark. 415; 29 Id. 346; 66 Id. 367; 68 Id. 314; Elliott on Contracts, § 3517. 3. Plaintiff had the right, on account of the admitted default, to declare the whole amount due and have judgment for the total sale price and a foreclosure.
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Appeal from Pulaski Chancery Court; John E. Mar-tine.au, Chancellor ; 1. The contract in this case created a mortgage in equity. 85 Ark. 211; 66 Id. 170. 2. The precipitating or accelerating clause is binding on the parties and valid. 73 Ark. 415; 29 Id. 346; 66 Id. 367; 68 Id. 314; Elliott on Contracts, § 3517. 3. Plaintiff had the right, on account of the admitted default, to declare the whole amount due and have judgment for the total sale price and a foreclosure. Appellant could not at her option declare the notes for the purchase price of the property due and foreclose for same upon a…
1Opinion of the CourtSmith, J.
This case was tried in the court below upon the following agreed statement of facts:
On September 16, 1918, appellant entered into a contract to sell E. C. Smith a lot in the city of Little Rock for the sum of $1,200 of which $100 was in cash, and the balance of purchase money was evidenced by 110 notes for $10 each, the first note falling due October 16, 1918, and one note on the 16th day of each month thereafter, with interest at 8 per cent. The contract of sale provided that if a second default in payment was made all the notes then remaining unpaid should at once become due and payable.…
2Cases cited3 opinions
- Newman v. Mountain Park Land Co.Supreme Court of Arkansas · 1908
- Fletcher v. DaughertyNebraska Supreme Court · 1882
- Farnsworth v. HooverSupreme Court of Arkansas · 1899
3Cited by10 opinions
- Skendzel v. MarshallIndiana Supreme Court · 1973
- McCormick v. DaggettSupreme Court of Arkansas · 1924
- Baird v. MeyerNorth Dakota Supreme Court · 1927
- Fine v. Dyke Bros.Supreme Court of Arkansas · 1927
- Judd v. RieffSupreme Court of Arkansas · 1927
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