Page:Federal Reporter, 1st Series, Volume 5.djvu/331

WALKBB V. TEAL. 819 �mon of the farms aforesaid, conveyed the same to Heniry Hewett by a conveyance absolute in form, but, as set forth in a eontemporaneous declaration and agreemerit, signed by the plaintiff and defendant and said Hewett and Goldsmith, tobe held by him in trust as a seourity for the payment of a note then made by said Goldsmith for the sum of $100,000, and made payable to the plaintiff, or order, two years after date, with interest at 1 per centum per month, payable monthly, with a stipulation that if default was made in the payment of the interest for the period of 20 days the whole sum of the note should, at the option of the holder thereof, become due and payable at onee. �By the declaration of trust it was stipulated and providedi (1) That Hewett held the legal title to the property, subject to the right of Teal and Goldsmith to retain possession of the same, ànd to take and have, without account, the issues and profits thereof — they paying ail taxes and public charges im- imposed thereon — until said note should become due and remain unpaid 30 days; (2) that, if such default is made in the payment of said note, Goldsmith and Teal "will and shaU, on demand, peaceably surrender to said Hewett" the posses- , sion of said property, who "may and shall proceed and take possession" of the same, "and on 30 days' notice in writing to said Teal and Goldsmith, * * * requirihg them to pay said debt, * * * and on their failure so to pay shall sell the same at public auction, on not more than 30 days' notice," or sufficient thereof to pay the debt and charges. �On August 18, 1876, there was due upon said note the sum of $96,750, when, at the instance of said Goldsmith, it was agreed between the plaintiff and defendant and Hewett and Goldsmith that the time of payment thereof should be extended one year, but upon the stipulation, as aforesaid, that if default was made in the payment of the principal or interest the whole sum should "become due and payable as provided in said agreement of August 19, 1874;" and the said Goldsmith, in consideration of such extension, then con- veyed to said Hewett the lots aforesaid by a conveyance abso- ����