Scott

This is an appeal from a decree in equity dismissing a bill for the foreclosure of a mortgage. The mortgage was given'to secure the payment of a promissory note in the sum of $16,000, payable two years after date. The note and mortgage were both dated March 24, 1927, but neither instrument was delivered until August 1, 1927. The mortgage con- ' tained the usual acceleration clause, providing that, if the interest on the promissory note or the principal thereof was not punctually paid when due, or in ease of the failure of the mortgagors to pay before delinquent any taxes or assessments levied against the property, then and in such event the principal sum of the note and the interest thereon should be deemed and taken to be wholly due and payable, and proceedings might forthwith be had for the recovery of the same, either by suit on the note or on the note and mortgage. The second installment of taxes for the year 1926, amounting to $366.67, delinquent May 1,1927, was not paid by the mortgagors, and because of this default the mortgagee elected to foreclose and declare the whole sum due.

It further appears from the bill of complaint that the mortgagee, as vendor, and the…