Rathbun v. Merchants Bank of Miami

Appellants, defendants below, seek review of an adverse final decree foreclosing a chattel mortgage given to secure payment of a promissory note.

On January 8, 1959, plaintiff loaned defendants a sum of money receiving from defendants a promissory note and chattel mortgage. The note gave plaintiff the right to accelerate maturity in the' event any installment was not paid within fifteen days after it became due. By the terms of the note, payments were required to be made on the eighth day of the month. On January 9, 1961, plaintiff informed defendants that since the payments due on December 8,…