Jump
Jump v. Barr
Opinion
Lead Opinion
Hart, J.
From a decree of foreclosure of a mortgage on real property in the county of Los Angeles, defendant, Florence A. Barr, prosecutes this appeal.
On the first day of April, 1914, Walter G. McCarty Company, a corporation, executed to plaintiff a promissory note in the sum of four thousand dollars, payable three years after date, with interest at eight per cent per annum, payable quarterly. Said note contained the following provision : ‘ ‘ Should default be made in the payment of any installment of interest when due, then the whole sum of principal and interest shall become immediately due and payable at the option of the holder of this note.” The mortgage in question was given as security for the payment of said note. The only interest payment made on the note was' that which fell due on the first day of July, 1914, which payment was made ten days thereafter.
The complaint in the action was filed on the tenth day of February, 1917, approximately six weeks before the maturity of the note. It stated specifically,and separately the several amounts falling due from time to time as interest on the note, the last item of interest so stated being: “Interest due January 25th, 1917.” Then…