Oklahoma Brick Corporation v. McCall

McINERNEY, Justice:

On certiorari to the Court of Appeals, Division No. 2, we must decide when the statute of limitations begins to run on an installment note which contains an option to accelerate the due date of remaining installments upon default of any one installment.

On August 1, 1969, plaintiff, Oklahoma Brick Corporation, commenced this action to recover on a note, in the amount of $1,713.84, executed by defendant, Richard J. McCall. The note was payable in four equal installments of $425.96 each. The first installment was due on June 15, 1964, the second on July 1, 1964, the third on…