American Bank v. Red Diamond Supply Co.

BOWES, Judge.

This suit originated on April 4, 1978 when American Bank instituted proceedings against defendants, Red Diamond Supply Company, Inc. and John R. Pertuit, to recover $94,064.00, together with interest and attorney’s fees, as the holder and owner of a promissory note in the amount sued upon. The note, dated February 11, 1977, was executed by both defendants and was secured by the pledge of three mortgage notes, to wit:

1. A collateral mortgage by Red Diamond Supply Co., Inc. and John R. Pertuit dated October 11, 1971 in favor of the American Bank in the amount of sixty-two thousand…