Country Club of Portsmouth, Inc. v. Wilkins

We are to determine when the statute of limitations begins to run on a note whose maturity is accelerated by reason of the non-payment of an installment thereof, where the note itself by its terms in such contingency becomes at once due; and payable.

Wilkins purchased a share of stock in the plaintiff corporation and for it gave this promise to pay:i

“$250.00 PORTSMOUTH, VA., FEBRUARY 1,1928.

“ON APRIL 1,1932, FOR VALUE RECEIVED, I PROMISE TO PAY TO BEARER, OR ORDER, WITHOUT OFFSET AND IN ACCORDANCE WITH TERMS EXPRESSED HEREIN, TWO HUNDRED AND FIFTY DOLLARS, WITH INTEREST AT THE RATE OF 6% PER…