Buss v. Kemp Lumber Co.

Citations

• 23 N.M. 567

Syllabus

<p>SYLLABUS BY THE COURT.</p> <p>1. The statute of limitations commences to run against a cause of action on a note upon default of payment of interest, where the note provides that “in case of a default in the payment of any interest payment, then the whole principal sum shall become due and collectable.” P. 570</p> <p>2. A judgment creditor, having a general lien upon the property of the mortgagor, may plead the statute of limitations against the cause of action of the mortgagee on a note and mortgage. P. 571</p> <p>3. Possession of mortgaged land by mortgagee, with consent of mortgagor, does not toll the statute of limitations. No such exception is provided by statute, and the court will not create an exception not provided' by law. P. 574</p>