Pawtucket Mutual Fire Insurance Company v. Landers

• Decision Date: 05 January 1897
• Docket Number: 107
• Citation: 5 Kan.App. 623,47 P. 621
• Parties: PAWTUCKET MUTUAL FIRE INSURANCE COMPANY v. GEORGE R. LANDERS et al
• Court: Kansas Court of Appeals

47 P. 621

5 Kan.App. 623

PAWTUCKET MUTUAL FIRE INSURANCE COMPANY v. GEORGE R. LANDERS et al

No. 107

Court of Appeals of Kansas, Southern Department, Central Division

January 5, 1897

January 5, 1897.

Error from Harper District Court. Hon. G. W. McKay, Judge. Modified.

This was an action to foreclose a real estate mortgage, begun by the plaintiff in error against the defendants in error in the District Court of Harper County. The note secured was for four thousand dollars, and it provided for interest payable semiannually at seven per cent., and also that "this note is to draw interest from date at twelve per cent. per annum if either principal or interest remain unpaid ten days after due." It fell due on July 1, 1890. On June 1 1891, the makers paid two thousand dollars, on the principal and all of the interest. The plaintiff asked twelve per cent interest on the balance from June 1, 1891. The court gave judgment for two thousand dollars and seven per cent interest, and gave the defendants eighteen months in which to redeem the land from sheriff's sale. Upon the questions of rate of interest and time for redemption the plaintiff in error brings the case here.

Case remanded.

Beardsley Gregory & Flannelly, for plaintiff in error.

Houston & McCulloch, for defendants in error.

OPINION

JOHNSON, P. J.

The court erred in computing interest on the amount due upon the note at seven per cent. from June 1, 1891. The interest should have been allowed at twelve per cent. from June 1, 1891, as the note provided for interest at twelve per cent. from date if not paid within ten days after maturity. All interest due on the note having been paid up to June 1, 1891, interest at twelve per cent. per annum should have been allowed from the date to which the interest had been paid.

The question as to whether chapter 109 of the Laws of 1893, relating to the sale and redemption of real estate, was intended by the Legislature to operate retroactively so as to apply to mortgage contracts existing at and before its passage, was decided in the negative by the Supreme Court of this State in Watkins v. Glenn (55 Kan. 417, 40 P. 316). The note and mortgage were executed on the first day of July, 1885, and the redemption law of 1893 was not applicable to this case.

It is therefore ordered that this case be remanded to the District Court of Harper County, with direction that the judgment be so modified as to...