( 1 ) THIS is a Letters Patent Appeal against the judgment of our learned brother Sanjivarow Nayudu, J. under Clause. 15 of the Letters Patent in A. A. O. No. 179 of 1956. The facts leading upto the appeal are shortly as fallows :

( 2 ) THE appellant in this Letters Patent appeal is the holder of two promissory notes in his favour dated 7-12-33 and 8-2-34 for Rs. 2700. 00 and 2000/- respectively from the first judgment-debtor Mutha Saryarayudu. The interest was stipulated at Rs. 1-4-6% p. m. compound with quarterly rests and Rs. 1-6-6% p. m. compound with quarterly rests, respectively. On 25-7-39, the first judgment-debtor for himself and as guardian of his minor sons executed an agreement (Ex. A-2) in favour of the appellant, whereunder he undertook to create a mortgage over certain properties for the amount due under the two promissory notes. On 27-542, the appellant filed the suit O. S. No. 37 of 1942 on the file of the Sub Court, Kakinada for the recovery of a sum of Rs. 15,188-8-0 against the first judgment-debtor and his sons with a prayer that the amount be made recoverable by the sale of the property agreed to be mortgaged under the agreement dated 25-7-1939. A decre