McAdow v. Smith

In 1926, The Times Corporation issued serial coupon bonds in the sum of $390,000 bearing interest at eight per cent, and secured by a trust deed on the Park Lane Apartments in Jacksonville. The Trust Company of Florida was named as trustee. Coupons- one, two, and three were paid and the mortgagor defaulted. About two years after default, the trustee and the mortgagor entered-into an extension agreement whereby interest for one year was waived, interest for two years was fixed at four per cent., and for the balance of the period, the bonds run at five and one-half per cent. Certain of the…