Spesard v. Spesard

Citations

• 75 Kan. 87
• 88 P. 576
• 1907 Kan. LEXIS 18

Syllabus

<p>SYLLABUS BY THE COURT.</p> <p>1. Contracts — Note and Mortgage — Construction. A note and the mortgage given to secure its payment constitute the contract of the parties, and the two instruments must he construed together.</p> <p>2. - Mortgage Executed Subsequently to the Note. A mortgage given to secure the payment of a note, though executed long after the date of the note, will, if such appears to have been the intention of the parties, become a part of the contract from the time of its delivery, the same as if both instruments had been executed at the same time.</p> <p>3. —i- Stipulation that Debt Shall Mature upon Non-payment of Taxes by Mortgagor. A stipulation in such a mortgage providing that, upon failure of the mortgagors to pay all taxes thereafter levied upon the mortgaged premises when by law they are due and payable, the whole debt secured by such mortgage shall become due immediately, is valid, and may be enforced by either party.</p> <p>4. -Failure to Pay Taxes — Accrual of Right of Action— Waiver. Where, in such a case, the mortgagors fail to pay the taxes upon the mortgaged premises at the time they are due and payable the whole debt secured by such mortgage becomes due at once, and the statute of limitations begins to run immediately against the owner and holder of the debt. Neither party can waive or change this situation without the consent of the other.</p> <p>5. -Redemption from Tax Sale by Mortgagor — Suspension of Statute of Limitations. Where a mortgagor in such a mortgage fails to pay taxes as required, and permits the land to be sold therefor, the subsequent redemption of such land by him will not affect the running of the statute of limitations.</p>