Bank of Commerce v. Scofield

GRAY, C.

—Defendants appeal from a judgment decreeing the foreclosure of a mortgage and from an order denying a new trial.

1. The mortgage in this case provided that, on default in the payment of any instalment of interest as agreed, the whole sum of principal and interest should become due at the option of the mortgagee. The note which the mortgage secured was dated November 29, 1895, and the principal thereof, according to its terms, was payable "on or before five years after date,” and interest at ten per cent per annum was payable annually. This action was commenced on December 28, 1896. It…