Northwestern Mut. Life Ins. v. Perrill
U.S. Circuit Court for the District of Southern Ohio
The complainant filed its bill in equity against Zebulon H. I’errill and others, to foreclose a mortgage given to secure the payment of the amount stipulated in the fulfillment of the terms and conditions contained in a certain bond; The said bond, among other things, contained the following provisions, viz.: “That if said bounden, Zebulon H. PerriH, his heirs, executors, administrators, or any of them, shall well and triily pay, or cause to be paid, unto the above…
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The complainant filed its bill in equity against Zebulon H. I’errill and others, to foreclose a mortgage given to secure the payment of the amount stipulated in the fulfillment of the terms and conditions contained in a certain bond; The said bond, among other things, contained the following provisions, viz.: “That if said bounden, Zebulon H. PerriH, his heirs, executors, administrators, or any of them, shall well and triily pay, or cause to be paid, unto the above mentioned, the Northwestern Mutual Life Insurance Company, or to its certain attorneys, successors or assigns, the full and just…
1Opinion of the Court
SWING, District Judge.
By the terms of the bond, the principal is to be paid at the expiration of five years, with interest thereon until paid at the rate of eight per centum. Following the case of Monnett v. Sturges, 25 Ohio St. 384, we hold that the contract is to pay interest at the rate of eight per cent, until the principal debt is paid, and not merely for the time the bond is to run. It is stipulated that this interest is payable semiannually. Where semi-annual installments of interest have become due, and are not paid, each such installment of interest will bear interest from the time…
2Cases cited1 opinion
- Myers & Waterson v. Hunter Erwin & Co.Ohio Supreme Court · 1851