Puget Sound Mutual Savings Bank v. Lillions

Defendants, husband and wife, appeal from a decree that grants a money judgment against them and forecloses a mortgage given to secure the promissory note upon which the judgment is based.

The promissory note, dated February 4, 1952, provides:

“If default be made in the payment of any installment when due, such installment shall bear interest until paid at the rate of ten per cent per annum, but, at the option of the holder of this note, without prior notice, the entire indebtedness hereby represented shall immediately become due, and shall thereafter bear interest at the rate of ten per cent…