Marneil Realty Corp. v. Twin Brook Realty Corp.

On December 30th, 1933, the defendant corporation executed a mortgage to the Lienow Holding Corporation in the sum of $20,000 payable five years after date. The mortgage on the same day was assigned to the complainant. It contained a provision that if the taxes remained unpaid for sixty days after the same fell due, then the principal sum should, at the option of the mortgagee, its successors and assigns, become due. Taxes for the first half of the year 1934 became due June 1st, 1934. They remained unpaid for more than sixty days thereafter. For those unpaid taxes this action to foreclose the…