Warwick Iron Co. v. Morton

Citations

• 148 Pa. 72
• 23 A. 1065
• 1892 Pa. LEXIS 912

Syllabus

<p>Mortgage — Foreclosure—Whole debt collectible on default in payment of the interest.</p> <p>■ It is customary to provide in a mortgage that upon default in payment of interest the whole debt secured by the mortgage shall become immediately payable. The payment of interest promptly is one of the important conditions of the engagement, and the parties having expressly included it in their agreement, must be held to be bound by it.</p> <p>Court of equity — Forfeiture—Negligence.</p> <p>A defendant who offers no excuse except his own neglect will not be favorably regarded by a court of equity, when seeking to avoid a forfeiture.</p> <p>Mortgage — Attorney's fees for collection.</p> <p>A preliminary demand for payment is not necessary to entitle the plaintiff in a sei. fa. sur mortgage to recover the attorney’s fee for collection provided in the mortgage, nor is it any defence to the payment of such commissions that the amount of the debt was paid to the attorney without his proceeding to execution.</p> <p>Upon a mortgage for $15,000, five per cent attorney’s fee for collection being stipulated for, the court allowed a commission of two per cent.</p>