Ripley v. Schenck

Complainant's bill is to foreclose a mortgage given to secure a bond in the principal sum of two thousand dollars ($2,000), with interest at five per cent. Both bond and mortgage were made by defendant Schenck (his wife, also a defendant, joining in the mortgage) to complainant's assignor, in 1905, payable one year thereafter.

In 1906 the mortgaged premises were sold for unpaid taxes for the year 1905, and were bought in by the township. In 1916 complainant took an assignment of the bond and mortgage, and made agreement with defendant mortgagors that the interest rate should thereafter be six…