Commercial Credit Plan, Inc. v. Gormez

This is an action of contract in which the plaintiff seeks to recover the balance due under the terms of a negotiable promissory note.

At the trial there was evidence tending to show that: On January 6, 1949, the defendant borrowed $859 from the plaintiff and gave it his promissory note for $859, payable in monthly instalments of $64.27, the first such instalment becoming due February 5, 1949. The defendant borrowed the money for the purpose of financing the purchase that, day of an automobile for the price of $1,380. To secure the loan the plaintiff on January 5, 1949 took a chattel mortgage…