Richards

Richards v. Daley

Good Law
116 Cal. 336·1897 Cal. LEXIS 548·48 P. 220
Supreme Court of CaliforniaMarch 23, 1897L. A. No. 100California476 words

Opinion

Lead Opinion

This is an action to foreclose a mortgage executed by the defendants, Thomas J. Daley and Sarah M. Daley, his wife, on March 3,1890, to secure payment of two promissory notes of the same date. The notes were signed by both defendants, and each was for the sum of six thousand five hundred dollars, payable two years after date, with interest thereon at the rate of thirteen per cent per annum, payable quarterly, and, if not so paid, then to become apart of the principal, and bear a like rate of interest till paid. The mortgage provided “ that if default be made in the payment of the interest, or any part thereof, according to the tenor of said note, then the whole sum of principal and interest shall become immediately due, and the mortgagees may proceed with suit of foreclosure.” Interest for the first quarter became due June 3, 1890, but no payment was made until December 11,1890, when there was paid upon each note, “on account of interest,” four hundred and twenty-two dollars and fifty cents. Thereafter payments on account of interest were made, from time to time, on both notes, the last being under date of March 18,1895. The aggregate of the payments on one of the notes was…

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