Commercial Credit Plan, Inc. v. Gormez

This is an action of contract in which the plaintiff seeks to recover the balance due under the terms of a negotiable promissory note.

At the trial there was evidence tending to show that on January 6, 1949, the defendant borrowed $859. from the plaintiff and gave it his promissory note for $859., payable in monthly installments of $64.27, the first such installment becoming due February 5, 1949. The defendant borrowed the money for the purpose of financing the purchase that day of an automobile for the price of $1,380. To secure the loan the plaintiff on January 5, 1949, took- a chattel…