Iberia Cypress Co. v. Christen

Citations

• 112 La. 448
• 36 So. 490
• 1904 La. LEXIS 415

Syllabus

<p>MORTGAGE — CONSTRUCTION—EIGHT TO FORECLOSE.</p> <p>1. Where A. acknowledged his indebtedness to B. and C. in the sum of $12,000, for $3,000 in cash, and their indorsement of certain notes executed by A. in favor of D., and, in evidence of said indebtedness, executed and delivered to B. and C. his note for $12,000, due one year after date, payable to his own order, and by him indorsed in blank, and specially mortgaged certain real estate to secure the payment of said note at maturity; and where it was expressly stipulated that, on the nonpayment of said note at maturity, B. and C., or any future holder or holders, should have the right to foreclose said mortgage by executory process, held, that B., on producing said note and a certified copy óf the act of mortgage, was entitled to a decree of foreclosure, without proving that the indorsers had paid the notes in favor of D., this right to sue having been expressly conferred by contract on the indorsers or holder of said note.</p> <p>(Syllabus by the Court.)</p>