Field v. McElroy

This was a suit on a promissory note secured by a loan deed to certain lands. The note matured on October 15, 1934. To it were attached certain semiannual interest notes. The principal note provided that if the maker should fail to pay any of the interest notes when due, the holder would have the right to declare the principal note due. The petition alleged that the *736maker had defaulted in the payment of two of the interest notes and that the plaintiff had declared the principal note due. The defendant, as administrator of the maker, filed an answer in which he admitted the execution of the…