Burston v. Lake

The agreement sued upon is an original obligation. The maker of the bond, who was not a party to the mortgage, did not as an individual execute the bond for which the mortgage was collateral security. This defendant undertook to pay to this plaintiff the sum of $62,750, which was the principal sum of the mortgage, in installments, as follows: $2,250 on the 1st day of January, 1928, and $2,250 quarterly thereafter on the 1st days of April, July, October, and January of each year, until the 1st day of October, 1930, when the entire unpaid remainder of the principal becomes due and payable. The…