Firstmark Acceptance Corp. v. Donofrio (In Re Donofrio)

MEMORANDUM OPINION AND ORDER

RICHARD L. SPEER, Bankruptcy Judge.

FACTS

The Court finds the following facts:

1) On or about November 12, 1979, Plaintiff Firstmark Acceptance Corporation (hereafter Firstmark) loaned Ten Thousand Four Hundred Thirty-five and 78/100 Dollars ($10,435.78) plus interest to Defendant-Debtor Joseph Donofrio. This loan was evidenced by a promissory note signed by the Debtor. (Plaintiffs Trial Exhibit “A”)

2) To secure the payment of this loan, the Debtor executed a security agreement and financing statement in favor of First-mark wherein the Debtor granted to First-mark a…