Patrick v. Bisbee

VARIAN, J. —

February 19, 1929, appellants executed their promissory note to respondent for $4,000, payable three years after date, with interest at the rate of eight per cent per annum, payable semi-annually. The note further provided, “If interest is not paid when due, the principal shall draw interest at the rate of ten per cent, per annum, until such interest shall be fully paid. If not so paid, the whole sum of both principal and interest, at the option of the legal holder hereof, shall become immediately due and collectible.” Contemporaneously with the execution of said note, appellants…