Associates Discount Corp. v. Ray

PUTNAM, District Judge.

MEMORANDUM OPINION

Associates Discount Corporation, a foreign corporation organized under the laws of Indiana, sues defendant, L. M. Ray, a citizen of Louisiana, residing in Monroe, for a balance due on a note executed by L. M. Ray Corporation on August 22, 1962, ,in the principal sum of $150,000.00, payable in semi-annual installments of $18,750.00 each, commencing February 22, 1963, with interest at the rate of 8% per annum from maturity until paid. Defendant executed this note as president of the debtor corporation. The note was secured by a deed of trust of certain…