Failing v. Clemmer

The note secured by the mortgage is in the following words:

“$2,100. January 14, 1870.

1. promissory note: interest annually. “Ten years after date I promise to pay to the order of Mary B. Failing, two thousand and one hundred dollars, value received, with interest annually at seven per cent per annum, until paid. Payable at Fort Plaine, Montgomery county, New York.

“A. J. Clemmer.”

The only question presented in the case is whether, under the terms of the note, the interest is payable annually. If the language be so construed, plaintiff is entitled to a decree for interest due; if not, there is…