F. A. Crossman, Inc. v. Weeks Auto Supply Center, Inc.

— Order unanimously reversed, with costs, and motion granted. Memorandum: Corporate defendant executed a promissory note to plaintiff in the amount of $42,000 at 9.5% interest for purchase of start-up inventory. Individual defendants simultaneously executed a guarantee. The note provided that the unpaid balance would accelerate and become due upon, inter alia, respondent’s default in payment of any installment. It is conceded that from June 25,1977, the date of the note, until December 25,1982, only 35 of the 62 payments due were made. Plaintiff elected to accelerate the note and commenced…