Morgan's L. & T. R. Co. v. Tex. Cent. Ry. Co. - 137 U.S. 171 (1890)
U.S. Supreme Court
Morgan's L. & T. R. Co. v. Tex. Cent. Ry. Co., 137 U.S. 171 (1890)
Morgan's Louisiana & Texas Railroad & Steamship Co.
v. Texas Central Railway Co
Nos. 55, 59
Argued November 4, 1890
Decided November 24, 1890
137 U.S. 171
APPEALS FROM THE CIRCUIT COURT OF THE UNITED
STATES FOR THE NORTHERN DISTRICT OF TEXAS
When a mortgage provides that the principal shall become due for the purposes of foreclosure upon a default in interest continuing for sixty days, the trustees in the mortgage may proceed for the collection of the whole amount of principal and interest by bill in equity, without a formal declaration of the maturity of such principal.
If a mortgage contains a power of sale by advertisement at public auction for cash upon the request of the holder or holders of seventy-five percent in the amount of the bonds secured thereby, that remedy is cumulative, and the restriction does not operate upon the right to foreclose by bill in equity, especially when in a separate clause it is provided that nothing in the mortgage contained shall be held or construed to prevent or interfere with the foreclosure of the instrument by any court of competent jurisdiction.