Equitable Life Assurance Society v. Pattillo

C. F. Pattillo became indebted by promissory note to the Equitable Life Assurance Society, and, as security thereto, executed a deed to land. The note and the deed each included a stipulation by the maker for the payment of 10 per cent, of the whole debt as attorney’s fees in the event of the maker’s default in paying the debt at maturity, and the deed contained also a power of sale, authorizing the payee, in case of such default, to sell the land at public outcry after four weeks advertisement, and, out of the proceeds to retain the expenses of the sale and the amount of the indebtedness,…