England v. Valley National Bank of Phoenix

UDALL, Vice Chief Justice.

This is an action based on two promissory notes made by defendant-appellant in favor of the plaintiff-appellee on March 11, 1950. The first note, in the amount of $42,427.09, represented the unpaid principal due plaintiff on two notes made by the defendant in 1941 and 1942. The second note, in the amount of $14,413.43, represented the accumulated unpaid interest on these original notes. At the time the 1941 note was made by defendant, he agreed to maintain in force a life insurance policy, the proceeds of which were assigned to plaintiff as security for any…