Deak National Bank v. Bond

Plaintiff, proceeding by way of a motion for summary judgment in lieu of a complaint, seeks judgment against the defendant for the defendant’s default on a promissory note.

It is undisputed that the original note signed by the defend*96ant was in the amount of $20,000; that it was a demand note, not secured by collateral; that no interest has been paid on the note since December 31, 1975. In addition, it is undisputed that the note provides for the addition of attorney’s fees in the amount of 15% upon default. It is further undisputed that the note provides for interest at the rate of "prime plus…