97 Iowa 627 | Iowa | 1896
The suit is predicated upon a note for the sum of four thousand dollars, made and executed by the defendant, Julius Carlsen, on the nineteenth day of June, 1898, and a mortgage upon certain real estate, made and executed on the same day, by Julius Carlsen and Grude Carlsen, his wife, to secure the payment of said note. It is provided in the note, that a failure to pay any of the interest thereon, within three days after due, shall, at the option of the holder, cause the whole of the note to become due and collectible at once. The mortgage contains a similar, although somewhat stronger, provision, in that, it provides that a failure to pay either principal or interest, within three days after it becomes due, shall cause the whole sum secured by the mortgage to become due and collectible at once, and further provides, that the mortgage may thereupon be foreclosed for the whole of said money, interest, and costs. The note, as we have said, is dated June 19, 1898, and draws interest, payable annually, at the rate of seven per cent, from date, until paid; the principal sum is made payable in installments of one thousand dollars each, on the fifteenth day of September of each year following, and including the year 1894. The mortgage also provides that the mortgagors shall pay interest annually, at the rate of seven per cent., from and after its date, upon the principal sum secured. This suit was commenced on the twenty-sixth day of June, 1894, and it is alleged in the petition that defendants neglected to pay the interest maturing June 19, 1894, for more than three days after the same became due. The defendants, in answer, claim that a mistake was made by the scrivener in drawing up the notes and mortgage; that it was the understanding and agreement between the parties that the
We reach the conclusion that the decree of the district court is right, and it is affirmed.