Meredith

This is an appeal by the defendant from a judgment on the pleadings.

The plaintiff sued the defendant as a comaker of a promissory note payable to the plaintiff for $40,000, dated “State of Iowa, September 27, 1923”. The note provided that both principal and interest should be payable in sixty-eight semiannual instalments of $1300 each, beginning on May 1, 1924, and ending May 1, 1958. The note stated that it was secured by a mortgage deed made by Robert Meredith and Alice R. Meredith, his wife, and Harlan Meredith,"a bachelor, to the plaintiff, conveying real estate in the county of Poweshiek, state of Iowa. The note and the mortgage were signed by the three persons mentioned. The note contained no acceleration of the maturity date of payment of the balance unpaid in case of default, but the mortgage provided that in case of default in the payment of any instalment the mortgagee might without notice declare the entire debt immediately “due and payable”, and thereupon the mortgagee should be entitled to immediate possession and appointment of a receiver, and to foreclosure of the mortgage.

The plaintiff alleged that the instalment due on November 1, 1931, remained unpaid and…