Wolkowsky v. Kirchick

Citations

• 81 Fla. 415
• 88 So. 261

Syllabus

<p>1. An agreement, based on a valid consideration, between a mortgagee. and mortgagor for an extension of time for the payment of the indebtedness secured by the mortgage is a good defense in a suit to enforce the mortgage lien before the expiration of the extended time.</p> <p>2. Where an agreement, based on a valid consideration, has been entered into between a mortgagee and mortgagor for an extension of time for the payment of the indebtedness secured by the mortgage, the mortgagee will be estopped from enforcing the obligation upon, the theory that the mortgagor has failed to pay the indebtedness until the expiration of the extended time.</p> <p>3. A valid agreement extending the time for the payment of the indebtedness secured by a mortgage may be affected without the formality of a sealed instrument, and especially so when the mortgagor or party obligated has, as a result of such agreement, materially-changed his status.</p>