Bonds—Interest Coupons—Statute of Limitations.—In the absence of any provision to the contrary in a bond, or in the instrument securing it, a coupon thereto attached, which is in the usual form of a simple promise to pay to bearer, at a given date and place, a specified sum for six months’ interest, is an independent obligation, and when detached from the bond and transferred to another than the holder of the bond, the statute of limitations begins to run from the time of its maturity.

Id.—Waiver of Statute of Limitations.—A provision in the mortgage securing such bond whereby the mortgagor waives “the benefit or advantage of any and all valuation, stay, appraisement or redemption law or laws, respecting liens or mortgages to be foreclosed by action or suit, and of all laws now existing or hereafter passed, which but -for this provision would prevent the absolute and unconditional sale of the premises hereby conveyed, by a court or by the trustee, without suit,” does not have the effect to prevent the statute of limitations from beginning to run from the time of the maturity of such coupon.

Id.—Coupon Holder May Foreclose.—In the absence of any provision to the contrary in a mortgage or deed of trust securing a series of bonds, the holder of a single overdue bond or coupon may enforce his right to payment by an action of foreclosure.

Id.—Provision for Acceleration of Principal.—A provision in such mortgage, to the effect that in ease of default in the payment of any bonds or interest coupons, continuing for six months, “the whole principal sum mentioned for payment in all and each of said bonds shall at the option of the holders of a majority in interest of said bonds then outstanding, or at the option of the . . . trustee, forthwith become and be immediately due and payable, and the lien or encumbrance hereby created may be at once enforced,” is intended merely to accelerate the payment of the bonds and of the principal sum due in advance of the time specified therefor. Such provision does not prevent the holder of an overdue coupon from proceeding by appropriate action to realize upon the security.

Id.—Demand on and Delay by Trustee to Sue—Eight op Coupon Holder to Sue.—A provision in such mortgage, to the effect that no action shall be commenced against the mortgagor, upon any of the coupons annexed to the bonds or otherwise, except by the trustee, unless the trustee, after having been duly requested in writing, and having been fully indemnified, shall fail or neglect for three months so to do, does not prevent the coupon holder from bringing an action to realize upon the security. On the contrary, it expressly protects his right to do so in the event that the trustee shall, after proper demand made, fail for three months to bring an action.

Id.:—Deferring Eight op Action.—It is always in the power of the coupon holder to make such demand, and he cannot by failure to make it, extend indefinitely the period of limitation. By such provision, his right of action is deferred for three months, after demand, and the statute of limitation does not run against him for this period after the maturity of the coupons.

Id.—Instrument Construed as Mortgage and not Deed op Trust.— The instrument securing such bonds will be construed as a mortgage and not as a deed of trust, when it is described as a mortgage in the bonds, and in itself contains no provision for a reconveyance, and prescribes neither manner of nor notice for a sale by the trustee, refers to “the lien or encumbrance hereby created,” and in various references to its own terms and effects, used the expression “this mortgage.” •

Id.—Pleading Statute op Limitation.—In this state, a defendant may, if the defect appears on the face of the complaint, set up the bar of the statute of limitations either by demurrer or by answer. If the complaint does not show that the statute has run, the defend-V ant must plead his right by answer.