Odell v. . Hoyt
New York Court of Appeals
Appeal from judgment of the General Term of the Supreme Court in the second judicial department, affirming a judgment in favor of plaintiff, entered upon a decision of the court on trial without a jury.
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Appeal from judgment of the General Term of the Supreme Court in the second judicial department, affirming a judgment in favor of plaintiff, entered upon a decision of the court on trial without a jury. This action was brought to foreclose a mortgage which, with the bond accompanying the same, was executed by defendants Hoyt and McKinney, on the 1st day of March, 1873. The bond was conditioned for the payment of the sum of $25,880 — one-half April 1, 1877, and the balance April 1, 1879, with interest payable annually, on the first day of April hi each year. In and by the bond and mortgage it…
1Opinion of the CourtAndrews, J.
By the default in the payment of the interest due April 1, 1875, for more than thirty days thereafter, the plaintiff had the right to elect to consider the whole sum secured by the bond and mortgage as due, and having elected so to consider it, she brought her action of foreclosure in May, 1875.
The mortgagors then stood in the position of debtors owing a debt past due, secured by a mortgage immediately payable. The mortgagees could, of course, defer the enforcement of the mortgage, or make any arrangement for giving time to the mortgagors which the parties might agree upon. While this was the…
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