Merriam v. Leeper
Supreme Court of Iowa
Appeal from Delaware District Court. — B. B. Stiles, Judge. Suit in equity, to foreclose three real estate mortgages amounting to a sum total of $46,000. These mortgages were executed on May 10, 1918, and drew interest from March 1, 1919, and purported to become due in seven years from March 1, 1919, with interest at 5 per cent. The plaintiff purported to declare the same due, by reason of certain accelerating provisions contained in the mortgages.
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Appeal from Delaware District Court. — B. B. Stiles, Judge. Suit in equity, to foreclose three real estate mortgages amounting to a sum total of $46,000. These mortgages were executed on May 10, 1918, and drew interest from March 1, 1919, and purported to become due in seven years from March 1, 1919, with interest at 5 per cent. The plaintiff purported to declare the same due, by reason of certain accelerating provisions contained in the mortgages. The defendants pleaded that none of the mortgages sued on were due, for the following reasons: (1) That the alleged accelerating provisions of the…
1Opinion of the CourtEvans, C. J.
í vendor and rSu°SAtoE: wia^nrden-some provision. I. The mortgages in question were executed pursuant to a prior contract between the parties thereto, executed on April 20, 1918. This prior contract was one of exchange of farms. Leeper owned a farm of 200 acres in Polk County. The plaintiff, Merriam, and one Mangold owned a farm of 400 acres jn Delaware County, title to which was held by Mangold. The negotiations of exchange were brought about by two real estate agents, namely, Zimmerman for Leeper, and McGregor for Mangold and Merriam. The contract of exchange called for mutual deeds…
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