First Carolinas Joint Stock Land Bank of Columbia v. DuBose

The opinion of the Court was delivered by

Mr. Justice Baker.

During the year, 1923, O. W. Windham obtained a loan from the respondent on its regular thirty-three-year amortization plan, which provided that the failure to make any payment when due would cause the full amount to become payable at once upon the option of the mortgagee. This loan was secured by a mortgage on three tracts of land containing 123 acres, one of which contained 43 acres, and for convenience will be referred to as “Tract A.” About two years later Windham executed to W. J. DuBose a purchase-money mortgage for $5,200.00 on…