Ellis F. Edge v. W. O. Bice

PER CURIAM. This is an appeal by complainant from a final decree, in equity, rendered on a bill filed to redeem land from
a mortgage, and the cross bill seeking to foreclose said mortgage. The note and the mortgage given to secure it were dated August 12, 1949. The note was due and payable 'on or before January
15, 1958'. Neither the note nor mortgage contained any reference to partial payments and contained no other acceleration clause.
Bearing the same date and witnessed by the same notary public, these same parties made a contract of sale and purchase of
the same land included in the mortgage. On the same day the seller in that contract (who was also the mortgagee) made a deed
to the purchaser (this complainant), reciting full payment of the purchase price which is the same as the consideration recited
in the contract. The contract shows the full consideration of $5,500, of which $1,500 was paid in cash with the balance of
$4,000 payable in installments. The note and mortgage were for the principal sum of $4,000 'with interest from date' (that
means at six percent per annum Title 9, section 60, Code). The contract provides that the balance of 4,000 is payable in one
hundred monthly installments of forty dollars each. To the first monthly installment of forty dollars was to be added twenty
cents as interest, and on each monthly installment thereafter twenty cents was to be added to the total amount of the preceding
installment; so that each would be twenty cents more than the last preceding installment. That is at the rate of six percent
per annum on each installment from date to maturity.