Colton v. Salomon
Supreme Court of New Jersey
On demurrer to declaration. This action was brought February 23d, 1901. The declaration counts on a written assumption by the defendants, on J une 9th, 1899, of a bond for $7,500 held by the plaintiff, dated September 23d, 1898, payable in two years from its date with interest semi-annually, secured by a mortgage on land in New York whereof the defendants had become owners.
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On demurrer to declaration. This action was brought February 23d, 1901. The declaration counts on a written assumption by the defendants, on J une 9th, 1899, of a bond for $7,500 held by the plaintiff, dated September 23d, 1898, payable in two years from its date with interest semi-annually, secured by a mortgage on land in New York whereof the defendants had become owners. The bond and mortgage provided that after default in payment of interest for thirty days the principal might become due. The instrument sued on, as set out in the declaration, was executed by both parties to this suit. It…
1Opinion of the Court
The opinion of the court was delivered by
Collins, J.
The objections of the defendants are not applicable to a recovery of the overdue interest, and for that reason alone the demurrer might be overruled, but as the questions argued must be met at some time in the progress of the suit it is due to the parties to resolve them now.
The assumption of the debt, both as recited and as declared in the instrument in suit, was an absolute one. The extension was only provisional. Upon failure of the defendants to pay the semi-annual interest the extension was no longer obligatory on the plaintiff. The…
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