Diggs v. Swift Loan & Finance Co.

Sognier, Judge.

Appellant, Annie K. Diggs, filed a motion to set aside a 1974 default judgment entered in favor of appellee, Swift Loan and Finance Co., when appellant failed to make payments on a loan contract entered into under the Georgia Industrial Loan Act (ILA). The trial court denied appellant’s motion. We reverse.

The contract in question contains two acceleration clauses, one in the promissory note and the other in the security agreement. The clause in the promissory note provides: "Failure to pay any installment promptly when due ... shall, at the option of the holder hereof, with or…