Henkin, Inc. v. Berea Bank & Trust Co.

VANCE, Judge:

These appeals arise from judgments entered in two separate actions but they involve the same factual situation and we have elected to dispose of both appeals with this opinion.

Henkin, Inc. is the owner and operator of a radio broadcasting station which it purchased from Tinker, Inc. giving, as a part of the purchase price, its promissory note for $160,000 payable in installments. The note was secured by a mortgage upon five acres of land on which the station was built.

Tinker, Inc. offered to accept a 22.36% discount of the note if Henkin would pay it in full and Henkin applied to…