Commercial Merchants Nat. Bank & Trust Co. v. Le Tourneau

EVANS, Circuit Judge.

Defendants’ default on their payments and plaintiff’s election to declare the full amount due, would unquestionably have necessitated the granting of a judgment for the amount of the note with interest, were it not for plaintiff’s acceptance of a deed of the mortgaged property and its action at that time. Its action furnishes the basis of the two contentions which defendants make. It is conceded that the sum which plaintiff later realized from the sale of the premises should be applied upon the note.

Defendants argue that they are not liable for a deficiency judgment in…