Atlantic Discount Corp. v. Driskell

Legge, Justice.

On June 19, 1959, appellants executed and delivered to respondent, a loan company, their promissory note, in the amount of $576.00 payable in eighteen consecutive monthly instalments of $32.00 each commencing July 15, 1959, with interest after maturity at the rate of seven (7%) per cent per annum, and, as security for its payment, a mortgage of household furniture. On May 25, 1960, respondent brought this action for equitable foreclosure of the chattel mortgage, alleging that the note was in default, that there was a balance of $232.86 due and unpaid thereon, plus $50.00 by way…