Farmers Security Bank of Park River v. Martin
North Dakota Supreme Court
From tbe judgment of tbe District Court of Walsb County, Temple-ion, Special Judge, dismissing these actions, plaintiff appeals. Tbe plaintiff bad tbe right to pay tbe delinquent taxes and declare tbe whole debt secured by tbe mortgage immediately due. Tbe mortgages in express terms so provide. Such terms in tbe mortgages do not create a penalty or forfeiture. They merely accelerate tbe date of payment, and confer valuable rights on tbe mortgagee.
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From tbe judgment of tbe District Court of Walsb County, Temple-ion, Special Judge, dismissing these actions, plaintiff appeals. Tbe plaintiff bad tbe right to pay tbe delinquent taxes and declare tbe whole debt secured by tbe mortgage immediately due. Tbe mortgages in express terms so provide. Such terms in tbe mortgages do not create a penalty or forfeiture. They merely accelerate tbe date of payment, and confer valuable rights on tbe mortgagee. Gray v. Robertson, 174 Ill. 242, 51 N. E. 248; Stanclift v. Norton, 11 Kan. 218; Hodgdon v.’Davis, 6 Dak. 21, 50 N. W. 478; Washburn v. Williams,…
1Opinion of the CourtGoss, J.
This opinion covers two separate appeals having the same record and involving the same--issues. Complaints are in the usual form, seeking foreclosure of commission mortgages securing a portion of interest on ten-year loans, which interest matures in yearly instal-ments for ten years. Nine instalments were unmatured. One has been paid. Both commission mortgages are held by plaintiff. The instalment of interest due on each mortgage prior to April, 1911, had been paid, and no payment under either mortgage would fall due until the following fall of 1911. Both mortgages contain the following…
2Cases cited28 opinions
- Power v. BowdleNorth Dakota Supreme Court · 1893
- Beggs v. PaineNorth Dakota Supreme Court · 1906
- Power v. LarabeeNorth Dakota Supreme Court · 1891
- State Finance Co. v. BeckNorth Dakota Supreme Court · 1906
- Herriott v. PotterSupreme Court of Iowa · 1902
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3Cited by3 opinions
- Noble v. WatrousOregon Supreme Court · 1917
- Garland v. Federal Land BankSupreme Court of New Hampshire · 1958
- Thompson v. HirtSupreme Court of Iowa · 1923