Richards v. Daley

Citations

• 116 Cal. 336
• 48 P. 220
• 1897 Cal. LEXIS 548

Syllabus

<p>Foreclosure of Mortgage—Effect of Default in Payment of Interest—Statute of Limitations.—Where the mortgage sought to be foreclosed was given to secure two notes of the same date, payable two years after date, with interest at a specified rate payable quarterly, and, if not so paid, to become a part of the principal and bear like interest until paid, and provided that if default be made in the payment of the interest, or any part thereof, according to the tenor of said notes, then the whole sum of principal and interest should become immediately due, and the mortgagees might proceed with suit of foreclosure, and no payment of interest was made at the end of the first or second quarter, but payments on account of interest were thereafter made from time to time on both notes, until after their maturity, an action of foreclosure commenced more than four years after the default in payment of the interest for the first and second quarters, but less than four years after the maturity of the notes, is not barred by the statute of limitations.</p>