National Guardian Life Insurance v. Schwartz Bros.

Streissguth, Justice.

This is an action to foreclose a $55,000 real estate mortgage dated December 19, 1928, given by defendant Schwartz Bros. Inc. upon a building then owned and used by it as a laundry and dry-cleaning establishment. The plaintiff also holds a chattel mortgage upon most, though not all, of the machinery and equipment in the building. No part of the principal debt was paid prior to maturity of the mortgage on December 19, 1938, and payment of the mortgage was extended on January 7, 1939, under an agreement providing for installment payments. The defendant Esther Schwartz was…