Felts v. Davis

Hawkins, Justice.

1. Where, as in this case, a promissory note secured by deed is payable in instalments due on the 1st day of each month, and contains a provision that “It is agreed that time is of the essence of this contract and that in the event of default in the payment of any such instalment, such default not being made good prior to the due date of the next such instalment, the holder of this note may, without notice, exercise the option of treating the remainder of the debt as due and collectible,” and where the payment due July 1, 1955, was in default, and was not “made good prior to…