Smart v. McKay
This text of 16 Ind. 45 (Smart v. McKay) is published on Counsel Stack Legal Research, covering Indiana Supreme Court primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Opinion
Suit to foreclose a mortgage, on default of payment of interest. Demurrer to the complaint overruled. Judgment of foreclosure. One year’s interest, but no principal was due. The mortgage states that it is given “ to secure the payment, when they severally become due, of- seven promissory notes executed by said Alfred Smart, and payable to the order of said Matilda Smart, each for the sum of $100, and interest payable annually, and bearing even date herewith ; the first payable in two years,” &c.
The code provides, 2 K. S., § 637, p. 176, that “whenever a complaint is filed for the foreclosure of a mortgage, upon which there shall be due any interest, or installment of the principal,” &c. This recognizes the right to foreclose for interest, and we think, on failure to pay interest due, as in this mortgage, a default has occurred. See Hunt v. Harding, 11 Ind. 245.
The judgment is affirmed, with 1 per cent, damages and costs.
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16 Ind. 45, 1861 Ind. LEXIS 11, Counsel Stack Legal Research, https://law.counselstack.com/opinion/smart-v-mckay-ind-1861.