Smith v. Peters

Appeal by defendant from a judgment entered in favor of plaintiff.

This action was brought to recover upon a promissory note dated January 8, 1916, and signed by the defendant Peters. The payee in the note was A. Vitagliano. The note provided that interest should be paid at the rate of seven per cent per annum, and further contained the following clause: “Should the interest not be paid monthly then the whole sum of principal and interest shall immediately become due and payable, and interest shall be compounded monthly thereafter at the same rate.” The defendant in his answer asserted that…