Ponstein v. Van Dyk

On July 3, 1922, defendants borrowed $3,500 from plaintiffs on a promissory note secured by real estate mortgage. On January 14, 1933, defendants were in default in payments of interest and taxes. Evidently to avoid the expense and trouble of foreclosure, defendants gave plaintiffs a quitclaim deed to the mortgaged premises; at the same time, plaintiffs agreed in a written contract that defendants might occupy the premises for one year until March 1, 1934; that if defendants were able to pay all of the unpaid taxes and accrued interest then due plaintiffs prior to March 1, 1934, plaintiffs…