Arnot v. Union Salt Co.
Appellate Division of the Supreme Court of the State of New York
Appeal by the defendant, the Union Salt Company, from a judgment of the Supreme Court in favor of the plaintiff, entered in the office of the clerk of the county of Schuyler- on the 26th day of April, 1905, upon the decision of the court rendered after a trial at an adjourned term of the Schuyler Special Term. This plaintiff is the trustee in- a mortgage executed by the defendant to secure an issue of 200 bonds of the par value of $500 each.
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Appeal by the defendant, the Union Salt Company, from a judgment of the Supreme Court in favor of the plaintiff, entered in the office of the clerk of the county of Schuyler- on the 26th day of April, 1905, upon the decision of the court rendered after a trial at an adjourned term of the Schuyler Special Term. This plaintiff is the trustee in- a mortgage executed by the defendant to secure an issue of 200 bonds of the par value of $500 each. These bonds became due, $10,000 thereof upon July 1, 1907; $5,000 thereof upon July 1, 1909, 1911, 1913, 1915, 1917, 1919, and $60,000 upon July 1, 1932.…
1Opinion of the Court
Smith, J.:
The right,to elect that the principal sum of these bonds should be deemed due was 'by the mortgage made dependent upon a continued default in payment of the interest for six months. A demand and refusal are not necessary to constitute a default. They are only evidence of a default. The default is the failure to pay the contract obligation. In a mortgage to an individual mortgagee he may insist that the payment of the principal has been accelerated by continued default without demand. (Dwight v. Webster, 32 Barb. 47; Trenor v. Le Count, 84 Hun, 426.) If payable at a given place no…
2Cases cited7 opinions
- Noyes v. . AndersonNew York Court of Appeals · 1891
- Haxton v. BishopNew York Supreme Court · 1829
- Ferris v. FerrisNew York Supreme Court · 1858
- Ver Planck v. GodfreyAppellate Division of the Supreme Court of the State of New York · 1899
- Broderick v. SmithNew York Supreme Court · 1858
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3Cited by2 opinions
- Arnot v. Union Salt Co.Appellate Division of the Supreme Court of the State of New York · 1906
- Arnot v. Union Salt Co.Appellate Division of the Supreme Court of the State of New York · 1909