International Harvester Credit Corp. v. Richard

CUTRER, Judge.

This appeal arises out of a suit for the balance due on three promissory notes which were secured by chattel mortgages on several items of farm equipment.

The plaintiff, International Harvester Credit Corporation (International Harvester), sued Lee L. Richard for the balance due ($86,221.76) on three promissory notes he executed as part of three credit sales of farm equipment that he entered into with plaintiff’s assignor, Rabalais Truck & Tractor Co., Inc. The notes were secured by chattel mortgages on the equipment and included an acceleration clause effective upon nonpayment…