Federal Land Bank of Columbia v. Brooks

William M. Brooks in August, 1918, became indebted to the Federal Land Bank of Columbia in the sum of $5,500.00. That indebtedness was evidenced by the promissory note of Brooks and his wife.

The note by its terms was made payable on an amortization plan in thirty-four annual installments of $337.50 each, the first installment payable July 1, 1920, the subsequent installments being made payable at the same time in each succeeding year until the mortgage debt should be paid. •Any installment in which there was a default should bear interest at the rate of 8 per cent. The Lecanto National Farm…