|Dinsmore v. Warfield|
|295 S.W.2d 566|
|Nov. 9, 1956.|
Action to recover on a note and foreclose mortgage given as security for payment thereof. The Circuit Court, Knox County, Ray C. Lewis, J., rendered judgment for plaintiff, and defendants filed motion for an appeal. The Court of Appeals held that action on note commenced within 15 years after maturity date thereof was not barred by limitations and that action to enforce lien of mortgage given as security for note was also subject to 15-year statute of limitations, though mortgagors did not sign note.
Motion for an appeal overruled and judgment affirmed.
This is a motion for an appeal from a judgment awarding appellee, Grover C. Warfield, judgment for $240.34, with accrued interest from March 13, 1939, and ordering certain real estate given as security for the payment of the note sold to satisfy the indebtedness.
Appellant, J. S. Dinsmore, relied upon, the 15-year statute of limitations, as a bar to recovery on the note. The other appellants did not sign the note but executed a mortgage on their property as security for its payment. They allege they signed the mortgage as sureties only and claim they are therefore discharged from all liability because suit was not brought within the time prescribed by the 7-year statute of limitations.
The note is dated March 13, 1939, and it matured March 12, 1940. Since the action was instituted June 16, 1954, it was begun within the 15-year period, because no action accrued on the note until the date of maturity. The appellants who did not sign the note but only mortgaged their property to secure the debt were not sureties within the meaning of the 7-year statute, since the 15-year statute of limitations applies to an action to enforce the lien under discussion.
Wherefore, the motion for an appeal is overruled and the judgment is affirmed.
DINSMORE v. WARFIELD
295 S.W.2d 566
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