Report of Cases Argued And Determined in the Supreme Court of Alabama volume 1
Report of Cases Argued And Determined in the Supreme Court of Alabama volume 1
Alabama Supreme Court
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J. Keenan, dec'd. The bill charges, that Walker being indebted to the complainant in the sum of fifty thousand dollars, to secure the payment thereof, executed a mortgage on certain property in the city of Mobile. The debt was secured by ten promissory notes, for five thousand dollars each, dated the 1st of March, 1S35, falling due succes- sively, from one to ten years, and all except the two first, bear- ing interest at the rate of seven per cent, per annum, from the date : that if said notes ...were not paid as they became due, the mortgage was io become absolute; and that if after two years, default should be made in the payment of said notes, or any of them, the condition of the mortgage should be broken, and all the notes should be considered due after that time. It is admitted by the bill, that the two first notes which fell due were paid, and charged that all the remaining notes are unsatisfied. It is further stated, that after the execution of the said mort- gage, W T alker sold and conveyed the mortgaged premises in fee, to Michael J.
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