Pease v. Gatti

ODOM, Justice.

G. Frank Pease borrowed $10,000 from the Federal Land Bank of New Orleans on June 12, 1922, and to secure the loan executed a mortgage in favor of the Land Bank on 1,118 acres of land in Bossier Parish. The loan was payable in annual installments of $700, the installments being represented by notes payable on November 15 of each year beginning with the year 1923. He paid his installments regularly until November 15, 1927, when he defaulted. He subsequently paid the note due on November 15, 1927, the payment being made in installments. He was unable to pay the note of $700 due on…