Land Title Bk. and Tr. Co. v. Freas, Admrx.

Opinion by

Mr. Justice Maxey,

After a default occurred in the payment of the principal, interest and taxes due under a mortgage debt, a mortgagee agreed in writing to accept the payment of interest “past and future” at the rate of 4.8% instead of at the previously stipulated rate of 6%. Interest on the mortgage which became due after the execution of the agreement was paid at the rate of 4.8%. This state of facts gives rise to the question: Did such action by the mortgagee release a gratuitous surety who has given a collateral bond for the payment of a portion of the mortgage debt?

The matter…