54 Iowa 544 | Iowa | 1880
I. Tbe note secured by tbe mortgage is payable to defendant Sberman, wbo indorsed it in blank and executed an assignment and guaranty upon tbe mortgage in these words: “ For value received I hereby assign and transfer tbe within mortgage to Elias 1L Clañin, and guarantee the payment thereof, principal and interest.” By the terms of the note it is not yet due, but tbe mortgage contains a stipulation that in case tbe mortgagors should- fail to pay the taxes upon tbe land 'conveyed tbe whole mortgage debt should become due. Tbe petition alleges default in payment of tbe taxes.
The defendant Sberman answering admitted tbe execution
Counsel argue that as the note became due under the mortgage, defendant’s liability rests thereon. This is a mistake as to the fact. The stipulation of the mortgage is not that the note shall become due upon failure to pay taxes, "but that the money, the debt secured, shall fall due. The debt fell due under the terms of the mortgage.
IT. Counsel further insist that the judgment is for a sum in excess of the amount due on the mortgage. The note provides for interest from date, and the mortgage from maturity, therefore counsel claim the judgment is excessive, for the reason that interest is calculated from the date of the note and mortgage. But the mortgage provides that payments of interest shall be made according to “ the tenor and effect of the note.” It clearly appears that the contract embodied in the note and mortgage requires the payment of interest from the date of the note and mortgage.
No other questions are presented in the case. The decree of the District Court is
Aeeirmed.