Reitzer v. Medlake Development Co.

On April 7,1926, appellant Reitzer.conveyed to the Medlake Development Company, appel-lee, a tract of land containing about 700 acres, in part payment for which the company exe; cuted its note for $19,900, payable six years after its date, bearing interest at the rate of 6 per cent, per annum, payable annually. The note contained the usual accelerating maturity clause in case default was made in the payment of any interest installment. To secure the payment of the note a vendor’s lien was retained in the deed. The note and deed contained a stipulation for the release of the lien as to any…