Patterson v. Ogles
Supreme Court of Arkansas
Appeal from Drew Chancery Court; E. O. Hammock, Chancellor; The mortgage was mature and enforceable at the maturity of the note and did not contemplate advances made after that time.
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Appeal from Drew Chancery Court; E. O. Hammock, Chancellor; The mortgage was mature and enforceable at the maturity of the note and did not contemplate advances made after that time. Ill Ark. 362; 50 Ark. 256; 66 Ark. 393; 122 Ark. 457. A mortgage to secure future.advances is valid if that fast clearly appears from the instrument. 46 Ark. 70. Exhibits in a chancery suit, which are the foundation of the action, will control the averments of the complaint. 104 Ark. 459. Payment or tender of payment at the time mentioned in the mortgage discharges the mortgage lien. 33 Ark. 340; 2 Jones on…
1Opinion of the CourtMcCulloch, C. J.
E. J. Patterson, one of the appellants, owned a certain tract of land in Drew County, and on May 13, 1919, he executed a mortgage (his wife, one of the appellants, joining therein) to appellee Ogles to secure the payment of a promissory note and also to secure the payment of future loans and advances. The clause in the mortgage describing the debts to be secured reads as follows:
“But the conditions of this mortgage are that, whereas, said E. J. Patterson is indebted to said grantee in the sum of seven hundred seven and 88/100 dollars, evidenced by note dated May 13,1919, bearing interest at…
2Cases cited4 opinions
- Howell v. WalkerSupreme Court of Arkansas · 1914
- Fort v. BlackSupreme Court of Arkansas · 1887
- Moore v. TerrySupreme Court of Arkansas · 1899
- Word v. ColeSupreme Court of Arkansas · 1916
3Cited by7 opinions
- National Bank of Eastern Arkansas v. BlankenshipDistrict Court, E.D. Arkansas · 1959
- American Bank Trust v. First Nat'l Bank of ParisSupreme Court of Arkansas · 1931
- Jack Collier East Company v. BartonSupreme Court of Arkansas · 1957
- State National Bank v. Temple Cotton Oil Co.Supreme Court of Arkansas · 1932
- Jones v. DowellSupreme Court of Arkansas · 1928
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