Morgan v. Mortgage Discount Co.

— Adeline E. Morgan and C. E. Morgan, her husband, executed their joint promissory note on May 17, 1927, for the sum of $6,760 payable to the order of Nelson B. McLain on or before one year after date with interest at the rate of 8% per annum from date, interest payable semi-annually. The note contained a clause which provided that the deferred interest payments should bear interest from maturity at 8% per annum payable semiannually.

On the same day a mortgage was executed by the makers of the note and delivered to McLain to secure the payment of the note and interest. The mortgage was upon…