Newhall v. Sherman, Clay & Co.

Citations

• 124 Cal. 509
• 57 P. 387
• 1899 Cal. LEXIS 1025

Syllabus

<p>_ Foreclosure of Mortgage—Deed and Defeasance—Absence of Note —Statute of Limitations.—The statute of limitations of four years prescribed by section 337 of the Code of Civil Procedure, in reference to written instruments, is applicable to the foreclosure of a mortgage by deed and defeasance securing the repayment of money loaned, in the absence of a note, and for the purposes of the foreclosure is also applicable to the debt secured by the same written instruments.</p> <p>Id.—Maturity of Debt—Time not Fixed—Presumption.—No time being fixed in the written defeasance for the repayment of the money loaned, it must be presumed to be payable on demand, and to be due Immediately, and not at any future time, certain or uncertain, for the purposes of the statute of limitations.</p> <p>Id.—Simultaneous Limitation of Debt and Mortgage.—When the debt secured by the mortgage is barred, the mortgage is also barred.</p>