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Judgment
Chapman, J.—This appeal arises out of a suit upon a bond. The mortgagor undertook to pay in instalments and it was agreed that in case of breach of promise the creditors would have the right to realise the instalment money as regards the expired and unexpired period, principal with interest at 2 per cent per month from the expiration of the kist till realization. Both the lower Courts have agreed that there is no reason, why the bond as it stands should not be given effect to. In appeal before us it is first of all contended that the intention was that the interest should fall due only at the, expiration of the period of the kists, although it was agreed that on failure to pay an instalment the whole of the money should fall due. Such an interpretation appears to be quite impossible. The next contention is that the stipulation of the payment, of interest was by way of penalty. It does not appear to us to be a stipulation by way of penalty and if it was, the promise being to pay only at the rate of 2 per cent per month was in the circumstances of the case stated in the judgment of the first Court was rightly allowed.
The appeal is dismissed with costs.
Atkinson, J.
I agree.