Frye v. Shepherd
Missouri Court of Appeals
Appeal from Jasper County Circuit Court, Division No. One.—Hon. Joseph D. Perkins, Judge. (1) If by agreement interest on a note is to be paid annually this constitutes a debt if the parties make it so by their contract. And where a note provides for compounding interest if not paid when due it is optional with the holder of the note to compound interest or foreclose. And he may foreclose if he desires. Maples v. Jones, 62 Mo. 440; Rowe v. Schertz, 74 Mo.
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Appeal from Jasper County Circuit Court, Division No. One.—Hon. Joseph D. Perkins, Judge. (1) If by agreement interest on a note is to be paid annually this constitutes a debt if the parties make it so by their contract. And where a note provides for compounding interest if not paid when due it is optional with the holder of the note to compound interest or foreclose. And he may foreclose if he desires. Maples v. Jones, 62 Mo. 440; Rowe v. Schertz, 74 Mo. App. 602. (2) Where a mortgage provides for a foreclosure if note be not paid according to the tenor and effect, it means any part and…
1Opinion of the CourtFarrington, J.
—This was a suit to enjoin a mortgagee from advertising and selling certain real estate mentioned in a mortgage which had been given by plaintiff to secure his promissory note, which is as follows:
“Joplin, Mo., May 31, 1911.
“Five years after date I promise to pay to the order of Edward Lee Shepherd forty-five hundred no-100 dollars. For value received negotiable and payable without defalcation or discount and with interest from date at the rate of eight per cent per annum, and if the interest be not paid annually to become as principal and bear the same rate of interest. The right *203is given to…
2Cases cited16 opinions
- Owings v. McKenzieSupreme Court of Missouri · 1896
- Richards v. HolmesSupreme Court of the United States · 1856
- Noell v. GainesSupreme Court of Missouri · 1878
- Kelley v. WhitneyWisconsin Supreme Court · 1878
- Moore v. Wabash, St. Louis & Pacific Railway Co.Supreme Court of Missouri · 1884
11 more not listed; retrieve them via the Exa API.
3Cited by8 opinions
- Wilson v. ReedSupreme Court of Missouri · 1917
- Estate of SharpCalifornia Court of Appeal · 1971
- Solter v. P.M. Place Stores Co.Missouri Court of Appeals · 1988
- Canton Trust Co. v. DurrettSupreme Court of Missouri · 1928
- Casner v. San Diego Trust & Savings BankCalifornia Court of Appeal · 1939
3 more not listed; retrieve them via the Exa API.