Reed v. Lincoln

Suzanne Conry Reed sued Don and Bo-riboon Lincoln alleging that the Lincolns had defaulted on the terms of a promissory note by failing to pay monthly installments. In their defense, the Lincolns alleged that Ms. Reed’s right to sue for collection of the entire debt was barred by the statute of limitations. The Lincolns *105argued that their failure to pay the installment which was due in August 1990 constituted a default which accelerated the entire debt due under the note, and that the default occurred more than five years pri- or to the filing of Ms. Reed’s complaint. The trial court agreed…