Fletcher v. Dennison

Citations

• 101 Cal. 292
• 35 P. 868
• 1894 Cal. LEXIS 1028

Syllabus

<p>Promissory Note—Option of Holder—Election—Reasonable Time.— Where a note*gives to the holder an option either to claim compound interest upon interest not paid when due, or to claim the whole amount of principal and interest as immediately due and payable, without notice, the holder of the note has a reasonable time after a default in payment of interest in which to make his election, and it cannot be held as a matter of law that fifty-nine days is an unreasonable time within which to make the election.</p> <p>Id.—Pleading—Time of Election.—Where the complaint avers that on the failure of the defendants to pay the installment of interest when it became due, by the terms of the note, the plaintiffs elected to declare and did declare the principal sum and the interest thereon due and payable, it is a sufficient averment of election at the time the interest became due.</p> <p>Id.—Claim of Compound Interest.—The fact that the complaint claims compound interest after the date of the alleged election does not make the complaint liable to assault upon general or special demurrer, and is immaterial, if in fact judgment was not rendered for such compound interest.</p>