Hill v. Schultz

PORTER, Justice.

In the fall of 1947, defendants were erecting a building in Ketchum. There was a mortgage on the building of some $16,000; and appellants needed funds with which to complete the construction of the building. On November 1, 1947, appellants borrowed $25,000 from respondents with which to pay off such mortgage and to finish the construction of their building. Appellants executed their promissory note for the $25,-000 and secured the payment of same by a mortgage on their premises.

The promissory note was made payable ten years after date with interest at the rate of six percent…