Jones v. Taylor

The defendant was sued on a note, executed by him to the bank of which plaintiffs were the receivers, for $4,317.60, executed January 4, 1907, due January 4, 1908. He pleaded, that this note was made for memorandum purposes only; that it represented the balance due at its date of the total purchase-price of a parcel of land sold on long-time credit; that while it purported to mature January 4, 1908, it was thus executed under an agreement that the indebtedness was really to be paid off at the rate of $65 per month; that on January 4 of each year, according to this agreement, a large note…