Otselic Valley National Bank v. Dapson

This action was brought to foreclose two mortgages, one given December 28, 1931, by the defendants Dana D. and Edith C. Dapson, and one given July 30, 1934, by the defendants Peter B. and Eleanor H. Paddock, subsequent owners of the same property. The mortgages secured substantially the same debt. Each mortgage contained a covenant that the mortgagors would pay the indebtedness and that if default was made, the mortgageee “ shall have power to sell the premises herein described according to law.” This covenant, even in the absence of a bond or note, is sufficient to support a deficiency…