Southland Life Ins. Co. v. Stone

BOND, Chief Justice.

Appellant, Southland Life Insurance Company, was the owner and holder of a note for $8,500, originally executed by Thomas E. Bowers et ux., and secured by a first deed of trust lien against a house and lot situated in the city of Dallas. Ap-pellee, M. P. Stone, purchased the property and assumed payment of the note. The note bore interest at the rate of 6½ per cent, per annum, payable semiannually as it accrues, and 10 per cent, after maturity, and provided for acceleration of maturity in default of payment of interest or any installment when due, and the payment of the…