Stephens v. National Life Insurance

The grantor in a security deed with power of sale sought injunction to prevent a sale under such power, on the ground that the notes secured by the deed obligated the plaintiff to pay a specified number of dollars “in gold coin of the United States of the [then] present standard of weight and fineness,” and that, because of subsequent Federal legislation and an order of the President, it has become legally impossible for the plaintiff to pay the debt in the medium specified. The court sustained a general demurrer and dismissed the petition, and the plaintiff excepted. Held:

1. “He who would…