Nylen v. Geeraert

The deed of trust in this appeal provides that “in the event there is a default” in any payment of taxes, all principal and interest, at the option of the note holder, shall mature immediately and become due and payable. Taxes which became “due and payable” on 1 July 1965, “overdue and in arrears” on 1 October 1965 and interest bearing “from and after” 1 October 1965 were not paid by appellees until 31 January 1966. Appellants (the Trustees), claiming a “default” occurred on 1 October, began foreclosure proceedings on 27 January 1966. Appellees (the Geeraerts) contend they could not have been…