Leonard v. Tyler

Citations

• 60 Cal. 299
• 1882 Cal. LEXIS 451

Syllabus

<p>Foreclosure of Mortgage—Option to Consider the Whole Amount Due upon Failure to Pat Installments—Complaint—Pleading.—-A mortgage contained a clause to the effect that if any of the installments of principal or interest should remain unpaid for ninety days after it became due, the whole amount of the note should become due immediately at the option of the payee or holder.</p> <p>Held: Upon a failure to pay any of the installments of the note according to its terms the note became due immediately at the option of the payee, and it-was not necessary for the payee, before commencing proceedings to enforce it for the full amount, to announce his option to the maker by notice in writing that he elected to consider the whole amount of the note as due; it was sufficient if he made his election, and demanded payment of the whole amount before the commencement of the action.</p>