J. N. Harshaw v. . Wm. F. McKesson
Supreme Court of North Carolina
This was a civil action tried before Mitchell, Judge, at Fall Term, 1811, of Burke Superior Court. One of the defendants, William F. McKesson, executed a mortgage to plaintiffs’ testator, for several tracts of land lying in Burke and the adjacent counties, and a house and lot in the town of Morganton, to secure certain debts mentioned in the said mortgage. The condition of the mortgage is as follows ; viz: ■ “Now, if the said Wm.
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This was a civil action tried before Mitchell, Judge, at Fall Term, 1811, of Burke Superior Court. One of the defendants, William F. McKesson, executed a mortgage to plaintiffs’ testator, for several tracts of land lying in Burke and the adjacent counties, and a house and lot in the town of Morganton, to secure certain debts mentioned in the said mortgage. The condition of the mortgage is as follows ; viz: ■ “Now, if the said Wm. F. McKesson shall well and truly pay and discharge said, several debts according to the agreement now made — the one-third part thereof in three years, one-third…
1Opinion of the CourtDiok, J.
The mortgage executed by the defendant, William F. McKesson to Jacob Harshaw, fixes the time of payment of the debts secured, at three, four and five years in equal instal-ments.
This action was commenced before the time of redemption had expired, and one of the questions presented for our de■cision, is, whether this action can be maintained ?
A Court of Equity will never decree a foreclosure until the period limited fof payment of the money be passed, and the estate in consequence thereof forfeited to tlie mortgagee, for it cannot shorten the time given by express covenant and agreement…
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