Chandler and Chandler v. Kendrick

In February, 1927, Kendrick, the Appellee, and McDaniel loaned Chandler, the Appellant, $7,250 and received a note for $7,500 secured by a mortgage. The dif •ference of $250 between the note and amount actually loaned was never paid. The loan was for one year and bore interest at eight per cent, payable quarterly. In- February, 1928, when the loan matured Kendrick purchased the interest of McDaniel and extended the loan for one year. Chandler paid the interest and an additional consideration of $150. • In 1929 when the loan matured Kendrick granted a second extension for a year and Chandler…