Stocking v. Moury

• Decision Date: 18 May 1907
• Citation: 57 S.E. 704,128 Ga. 414
• Parties: STOCKING v. MOURY.
• Court: Georgia Supreme Court

57 S.E. 704

128 Ga. 414

STOCKING

v.MOURY.

Supreme Court of Georgia.

May 18, 1907.

1. Bills and Notes—Default—Maturity of Series—Attorney's Pees.

It is competent for the parties to a series of promissory notes, maturing monthly through several years, to provide that in case default is made in the payment of any one or more of the notes at maturity, time being of the essence of the contract, the entire series shall become due and collectible at once; and if those notes, the maturity of which has been accelerated by the default, provide for the payment of 10 per cent, attorney's fees, the same may be collected in the manner provided by law. Kilcrease v. Johnson, 11 S. E. 870, 85 Ga. GOO.

2. Same—Notice to Maker.

The notice served upon the defendant in this case was a substantial compliance with the provisions of the act of the Legislature approved December 12, 1900 (Acts 1900, p. 53), regulating the manner of collecting attorney's fees.

(Syllabus by the Court.)

Error from Superior Court, Gwinnett County; C. H. Brand, Judge.

Action by David Moury against A. N. Stocking. Judgment for plaintiff, and defendant brings error. Affirmed.

On May 11, 1904, Mrs. Stocking executed to Curtis a series of promissory notes, falling due monthly thereafter; the last note being payable April 15, 1910. These notes were in dorsed to Moury. In the note it was provided that "time is of the essence of the contract, and, If any four of said series of notes shall not be paid promptly when due, then all the remaining unpaid notes shall be considered as due and collectible, and the right of action thereon shall, at the option of the holder thereof, at once accrue, " and that 10 per cent attorney's fees shall be paid, "if collected by law or through an attorney." On June 23, 1905, Moury served Stocking with the following notice: "You are hereby notified that suit will be brought to the fall term, 1905, of the superior court of Gwinnett county, by David Moury, upon your 63 remaining unpaid purchase-money notes, dated May 11, 1905, for the principal sum of $20 each, falling due and payable monthly, with interest from date at the rate of 8 per cent, per annum, waiving and renouncing all homestead and redemption laws and providing for 10 per cent, attorney's fees, and stipulating that, if any four of said notes shall not be paid promptly, then all the remaining unpaid notes shall be considered as due and collectible, and the right of action thereon, at the option of the holder, shall at...