Bacon v. Northwestern Mut. Life Ins. Co. - 131 U.S. 258 (1889)
U.S. Supreme Court
Bacon v. Northwestern Mut. Life Ins. Co., 131 U.S. 258 (1889)
Bacon v. Northwestern Mutual Life Insurance Company
Argued and submitted January 23, 1889
Decided May 13, 1889
131 U.S. 258
ERROR TO THE CIRCUIT COURT OF THE UNITED
STATES FOR THE WESTERN DISTRICT OF MICHIGAN
If a mortgage of real estate in Michigan containing a power of sale is duly recorded, as provided by law, it is not necessary that the bond secured by it and that an agreement referred to in it and adopted and made a part of it should also be recorded in order that a foreclosure may be had by advertisement and sale in the manner provided by the statutes of the state.
Where a mortgage debt is payable in installments, a provision in the mortgage that if at the expiration of the time limited for the payment of all, there shall remain due on the mortgage a sum not greater than a sum named, which is less than the amount of the whole mortgage debt, the mortgagor may have the privilege of paying the amount due by giving his note therefor secured by mortgage on other real estate, does not suspend the power of foreclosure and sale for nonpayment of installments as they become due.