Emmons v. Burkett

Beasley, Judge.

In May 1983 debtor Emmons contracted to buy creditor Burkett’s business, a shooting range and retail firearms shop. He executed a note in partial consideration for $167,500 payable in monthly installments. The contract provided that debtor would assume the lease of the premises on which the business was operated, that creditor would not operate a retail gun shop within a five-mile radius, and that in the event debtor failed to pay an installment when due, the debt could be accelerated at creditor’s option and a 12% interest charge would be assessed. The note was secured by a…