New York Supreme Court November 20, 1934 (In re People)

Frankenthaler, J.

The petitioner’s mortgage is in arrears only with respect to an installment of principal. It appears, however, that the failure to pay an installment of principal does not constitute a default upon the guaranty until “ eighteen months after payment shall be demanded in writing by the assured, provided such demand be made after said principal sum shall have become due under the