Johnson v. Douglas

John Johnson and wife, Cliarlotta Johnson, owned the lands and premises involved and December 1, 1922, sold them to Julius Johnson and Augusta Johnson, husband and wife, on land contract for $12,000 which was to be paid, $100 on or before February 15, 1923, and $100 on or before the fifteenth of every month thereafter until the whole sum of $12,000 was paid in full, together with interest at the rate of five per cent, per annum. The interest was not to be paid annually, but the contract provided:

“No payment of interest is to be made until the full amount of principal is paid then all due…